{"id":305405,"date":"2023-02-23T06:52:28","date_gmt":"2023-02-23T06:52:28","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=305405"},"modified":"2023-02-23T06:52:28","modified_gmt":"2023-02-23T06:52:28","slug":"230223-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230223-afternoon-session-analysis\/","title":{"rendered":"230223 Afternoon Session Analysis"},"content":{"rendered":"

23 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

NZD rose amid RBNZ aggressive rate hike.<\/strong><\/span><\/p>\n

The kiwi dollar, as a highly traded currency by the global investor, rebounded after the Reserve Bank of New Zealand\u2019s aggressive rate hike by 50 basis points to 4.75%. According to the RBNZ\u2019s monetary policy statement, the country\u2019s annual inflation stood at 7.2% and is still far away from the central bank target rate of 2%. The board mentioned that the CPI inflation was slightly lower than expected in December 2022, but a higher interest rate is needed to ensure the inflationary pressure eases further. In addition, severe storms across the North islands have disrupted a variety of industries and infrastructures, causing the issue of supply shortages and upward price pressure, and inflation is likely to stay high as a result. Moreover, the 3.4% unemployment rate for the last quarter indicated that the country has a strong labor market while experiencing accelerating growth in household incomes. With that, it will lead to higher household consumption, which will likely cause inflation in New Zealand to remain at a high level for an extended period of time. However, the rebound of the Kiwi was slightly offset by the hawkish statement announced by the Fed. According to the FOMC meeting minutes, Fed officials signaled further tightening of monetary policy. As of writing, the NZD\/USD rose 0.47% to $0.6246.<\/p>\n

 <\/p>\n

In the commodity market, the crude oil price rose by 0.51% to $74.33 per barrel amid the potential for a deeper oil supply cut by Russia, which amounted to 500k barrels per day. In addition, the gold price depreciated by -0.22% to $1837.40 per troy ounce as of writing amid pressure from the dollar\u2019s strength.<\/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\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
18:00<\/td>\nEUR – CPI (YoY) (Jan)<\/td>\n8.5%<\/td>\n8.6%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – GDP (QoQ) (Q4)<\/td>\n2.9%<\/td>\n2.9%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n194K<\/td>\n200K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following a prior retracement from the resistance level at 104.45. MACD which illustrated diminishing bullish momentum suggests the index to extend its losses toward the support level at 103.00.<\/p>\n

Resistance level: 104.45, 105.85<\/p>\n

Support level: 103.00, 101.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following a prior rebound from the lower level. However, MACD which illustrated diminishing bullish momentum suggests the pair to undergo technical correction in the short term.<\/p>\n

Resistance level: 1.2145, 1.2300<\/p>\n

Support level: 1.2010, 1.1900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following a rebound from the lower level. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0635<\/p>\n

Resistance level: 1.0635, 1.0790<\/p>\n

Support level: 1.0505, 1.0360<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following a rebound from the support level. However, MACD which illustrated increasing bearish momentum suggests the pair to be traded lower as technical correction.<\/p>\n

Resistance level: 136.30, 138.15<\/p>\n

Support level: 130.25, 134.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following a prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains towards the resistance level at 0.6870.<\/p>\n

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

Support level: 0.6775, 0.6685<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following a prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains toward the resistance level at 0.6265.<\/p>\n

Resistance level: 0.6265, 0.6325<\/p>\n

Support level: 0.6195, 0.6120<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing for the support level at 1.3515. MACD which illustrated decreasing bullish momentum suggests the pair to extend its losses if it successfully breaks below the support level.<\/p>\n

Resistance level: 1.3560, 1.3685<\/p>\n

Support level: 1.3420, 1.3330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following a prior retracement from the resistance level at 0.9320. MACD which illustrated decreasing bullish momentum suggests the pair to extend its losses toward the support level at 0.9240.<\/p>\n

Resistance level: 0.9320, 0.9380<\/p>\n

Support level: 0.9240, 0.9195<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following a prior rebound from the lower level. MACD which illustrated decreasing bearish momentum suggests the commodity to extend its gains toward the resistance level at 76.05<\/p>\n

Resistance level: 76.05, 78.70<\/p>\n

Support level: 73.20, 70.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following a prior rebound from the lower level. However, MACD which illustrated increasing bearish momentum suggests the commodity to trade lower as a technical correction.<\/p>\n

Resistance level: 1860.10, 1885.95<\/p>\n

Support level: 1833.55, 1811.45<\/p>\n

\u00a0<\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

23 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 NZD rose amid RBNZ aggressive rate hike. The kiwi dollar, as a highly traded currency by the global investor, rebounded after the Reserve Bank of New Zealand\u2019s aggressive rate hike by 50 basis points to 4.75%. According to the RBNZ\u2019s monetary policy statement, the country\u2019s annual inflation stood 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\/305405"}],"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=305405"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/305405\/revisions"}],"predecessor-version":[{"id":305487,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/305405\/revisions\/305487"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=305405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=305405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=305405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}