{"id":301837,"date":"2023-02-08T06:35:53","date_gmt":"2023-02-08T06:35:53","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=301837"},"modified":"2023-02-08T06:35:53","modified_gmt":"2023-02-08T06:35:53","slug":"080223-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080223-afternoon-session-analysis\/","title":{"rendered":"080223 Afternoon Session Analysis"},"content":{"rendered":"

08 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

Euro rebound ahead of Germany CPI release.<\/strong><\/span><\/p>\n

The Euro, which is traded globally as the mainstream of currency, rebounded from the lower level ahead of Germany’s CPI release. The previous month\u2019s German CPI yearly reading stood at 8.6% while the investors predicted the upcoming Jan CPI will grow by 0.3% to 8.9%. A positive reading prediction from the economic data attracted investors’ demand for more Euro as the market increases the expectation for an ECB rate hike.\u00a0 As the ECB target a 2% inflation rate across all Europe countries while Germany is still far away from the target rate, it is likely that the ECB will increase the interest rate aggressively in the upcoming monetary policy decision. Besides, previous services PMI data released by Markit Economics interpreted that the German economy was recovering from the bottom and it increased the space that ECB will continue for a more aggressive rate hike. At the same time, the reversal trend of the Euro is also supported by the weakening of the dollar index aftermath of Jerome Powell\u2019s less-hawkish comment. As of writing, the EUR\/USD appreciated 0.08% to $1.0732.<\/p>\n

In the commodities market, crude oil price gained 0.21% to $77.31 per barrel as the US API data showed that the US crude oil inventories reduced throughout the week, pushing the oil price to a higher level. Besides, gold prices tipped by 0.23% to $1889.45 per troy ounce after the Fed\u2019s chairman eased the rate hike concerns.<\/p>\n

 <\/p>\n

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

N\/A<\/p>\n

 <\/p>\n

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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n4.140M<\/td>\n2.457M<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggests the index to extend its gains if successfully breakout the resistance level.<\/p>\n

Resistance level: 103.20, 104.70<\/p>\n

Support level: 102.05, 100.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following a prior rebound from the support level. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains.<\/p>\n

Resistance level: 1.2120, 1.2265<\/p>\n

Support level: 1.2005, 1.1885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

Resistance level: 1.0740, 1.0890<\/p>\n

Support level: 1.0600, 1.0410<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following the prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggests the pair to extend its losses.<\/p>\n

Resistance level: 132.60, 135.80<\/p>\n

Support level: 130.25, 126.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following the prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains.<\/p>\n

Resistance level: 0.7050, 0.7125<\/p>\n

Support level: 0.6955, 0.6870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following a prior breakout below the previous support level. However, MACD which illustrated increasing bullish momentum suggests the pair to be traded higher as a technical correction.<\/p>\n

Resistance level: 0.6360, 0.6460<\/p>\n

Support level: 0.6260, 0.6170<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following the prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggests the pair to be traded lower as technical correction.<\/p>\n

Resistance level: 1.3500, 1.3675<\/p>\n

Support level: 1.3320, 1.3155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following a prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggests the pair to extend its losses.<\/p>\n

Resistance level: 0.9235, 0.9400<\/p>\n

Support level: 0.9065, 0.8920<\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following the prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggests the commodity to extend its losses.<\/p>\n

Resistance level: 77.25, 81.50<\/p>\n

Support level: 73.90, 70.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggests the commodity to extend its gains if successfully breakout the resistance level.<\/p>\n

Resistance level: 1876.90, 1900.20<\/p>\n

Support level: 1847.55, 1819.15<\/p>\n

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

08 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 Euro rebound ahead of Germany CPI release. The Euro, which is traded globally as the mainstream of currency, rebounded from the lower level ahead of Germany’s CPI release. The previous month\u2019s German CPI yearly reading stood at 8.6% while the investors predicted the upcoming Jan CPI will grow by […]<\/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\/301837"}],"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=301837"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/301837\/revisions"}],"predecessor-version":[{"id":301933,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/301837\/revisions\/301933"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=301837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=301837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=301837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}