{"id":301202,"date":"2023-02-06T06:40:41","date_gmt":"2023-02-06T06:40:41","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=301202"},"modified":"2023-02-06T06:41:02","modified_gmt":"2023-02-06T06:41:02","slug":"060223-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060223-afternoon-session-analysis\/","title":{"rendered":"060223 Afternoon Session Analysis"},"content":{"rendered":"

06 February 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

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Downbeat retail sales weigh on Australian dollar.<\/strong><\/span><\/p>\n

The Aussie dollar, which was majorly traded by global investors, slammed following the release of the downbeat retail sales data in the nation. According to the Australian Bureau of Statistics, the Australia Retail Sales (MoM) dropped sharply from the reading at 1.7% to -3.9% in January, in line with the consensus forecast. The plunge in the Australian retail sales volume was mainly attributed to the higher borrowing costs, which trimmed the shopper spending in the end of 2022. Albeit, the tightening path of the Reserve Bank of Australia (RBA) is not expected to stopped at the time being, whereby the central bank will likely to hike rate in the upcoming meeting to further cooldown the inflationary pressure in the economy. Nonetheless, the pairing of AUD\/USD was dominated by the \u2018monster\u2019 job report last Friday. The larger-than-expected jobs added in the month of January showed that the US labor market remained resilient and tight, leaving ample room for the Federal Reserve (Fed) to increase rate further. As of writing, the AUD\/USD rebounded 0.27% to 0.6940.<\/p>\n

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In the commodities market, the crude oil prices were up by 0.48% to $73.45 per barrel after plummeting more than 6% last Friday amid the upbeat NFP report. Besides, gold prices rose by 0.66% to $1877.20 per troy ounce amid the market correction in the post-NFP trading session.<\/p>\n

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Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event <\/strong><\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 National Day<\/p>\n

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Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Construction PMI (Jan)<\/td>\n48.8<\/td>\n49.6<\/td>\n–<\/strong><\/td>\n<\/tr>\n
23:00<\/td>\nCAD – Ivey PMI (Jan)<\/td>\n33.4<\/td>\n42.3<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Technical Analysis<\/u><\/strong><\/p>\n

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following a prior breakout above the previous resistance level at 101.20. MACD which illustrated bullish bias momentum suggests the index to extend its gains toward the resistance level at 103.15.<\/p>\n

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Resistance level: 103.15, 105.00<\/p>\n

Support level: 101.20, 99.40<\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower following a prior breakout below the previous support level at 1.2105. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1940.<\/p>\n

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Resistance level: 1.2105, 1.2200<\/p>\n

Support level: 1.1940, 1.1820<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower following a prior breakout below the previous support level at 1.0850. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0670.<\/p>\n

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Resistance level: 1.0850, 1.0975<\/p>\n

Support level: 1.0670, 1.0295<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 131.25. However, MACD which illustrated bullish bias momentum suggest the pair to undergo technical correction in short term.<\/p>\n

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Resistance level: 134.15, 136.45<\/p>\n

Support level: 131.25, 128.60<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded lower following the prior breakout below the previous support level at 0.6985. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6860.<\/p>\n

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Resistance level: 0.6985, 0.7125<\/p>\n

Support level: 0.6860, 0.6725<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower following the prior breakout below the previous support level at 0.6355. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6255.<\/p>\n

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Resistance level: 0.6355, 0.6460<\/p>\n

Support level: 0.6255, 0.6170<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher following the prior breakout above the previous resistance level at 1.3400. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.3505.<\/p>\n

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Resistance level: 1.3505, 1.3600<\/p>\n

Support level: 1.3400, 1.3265<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded higher following a prior breakout above the previous resistance level at 0.9225. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9310.<\/p>\n

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Resistance level: 0.9310, 0.9405<\/p>\n

Support level: 0.9225, 0.9110<\/p>\n

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CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following the prior breakout below the trendline. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 71.50.<\/p>\n

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Resistance level: 76.10, 81.80<\/p>\n

Support level: 71.50, 66.10<\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded lower following the prior breakout below the previous support level at 1884.00. MACD which illustrated bearish bias momentum suggests the commodity to extend its losses toward the support level at 1835.00<\/p>\n

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Resistance level: 1884.00, 1900.00<\/p>\n

Support level: 1835.00, 1786.00<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

06 February 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Downbeat retail sales weigh on Australian dollar. The Aussie dollar, which was majorly traded by global investors, slammed following the release of the downbeat retail sales data in the nation. According to the Australian Bureau of Statistics, the Australia Retail Sales (MoM) dropped sharply from the reading at […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/301202"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=301202"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/301202\/revisions"}],"predecessor-version":[{"id":301237,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/301202\/revisions\/301237"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=301202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=301202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=301202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}