{"id":305701,"date":"2023-02-24T07:23:41","date_gmt":"2023-02-24T07:23:41","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=305701"},"modified":"2023-02-24T08:00:58","modified_gmt":"2023-02-24T08:00:58","slug":"240223-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240223-afternoon-session-analysis\/","title":{"rendered":"240223 Afternoon Session Analysis"},"content":{"rendered":"

24 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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Eurodollar slipped as Eurozone Inflation cooled down.<\/strong><\/span><\/p>\n

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The Euro, as one of the most traded currencies by the global investor, slipped after the Eurostat CPI report was released. The annual inflation was down to 8.6% in January compared to December at 9.2%, mainly due to falls in the prices of food, alcohol, and tobacco. Moreover, the increase in the US dollar has further declined the euro dollar.\u00a0 According to the Department of Labor, the Initial Jobless Claims were reduced by 3k to 192k, lower than the market expectation of 200k. This indicated that the US has a strong labor market, which created more room for Fed’s further rate hikes. Therefore, the US dollar strengthened and weakened the value of the Euro. However, the losses of the Euro were offset by the European Central Bank\u2019s (ECB) tightening monetary stance. In order to tame the sky-high inflation in Eurozone, ECB has started to increase its interest rate aggressively since the mid of 2022. ECB Chairman Christine Lagarde reiterated that the central bank wishes to raise its interest rate by 50 basis points in March. The inflation has generally declined but the core CPI increased by 0.1% to 5.3%, higher than the previous reading of 5.2%.\u00a0 With that, it does not rule out the possibility ECB will hike rates aggressively in the future. As of writing, the EUR\/USD was traded higher by 0.06% to $1.0601.<\/p>\n

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In the commodities market, crude oil prices edged up by 0.98% to $76.12 per barrel as Russia\u2019s supply cuts tempered market concerns over rate hikes. Besides, gold prices appreciated by 0.29% to $1822.60 per troy ounce amid an unclear signal from the Federal Reserve.<\/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

N\/A<\/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
21:30<\/td>\nUSD \u2013 Core PCE Price Index (MoM) (Jan)<\/td>\n0.3%<\/td>\n0.4%<\/td>\n–<\/strong><\/td>\n<\/tr>\n
23:00<\/td>\nUSD – New Home Sales (Jan)<\/td>\n616K<\/td>\n620K<\/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, H4: <\/strong>Dollar index was traded higher while currently testing for the resistance level at 104.45. However, MACD which illustrated bearish momentum suggests the index to undergo technical correction in a short term<\/p>\n

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

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

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing for the support level at 1.2010. MACD which illustrated bearish momentum suggests the pair to extend its losses if successfully breaks below the support level.<\/p>\n

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

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

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EURUSD, H4: <\/strong>EURUSD was traded lower following a prior retracement from the previous support level at 1.0635. MACD which illustrated bullish 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: 1.0575, 1.0445<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 134.55. MACD which illustrated bearish momentum suggests the pair to extend its losses after it successfully breakout above the support level.<\/p>\n

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

Support level: 134.55, 132.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

Resistance level: 0.6870, 0. 6945<\/p>\n

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

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following a rebound from the lower level. MACD which illustrated 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 following the prior retracement from the higher level. MACD which illustrated bearish momentum suggests the pair to extend its losses toward the support level at 1.3515.<\/p>\n

Resistance level: 1.3600, 1.3690<\/p>\n

Support level: 1.3515, 1.3420<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following a prior break out above the previous resistance level at 0.9320. MACD which illustrated bullish momentum suggests the pair to extend its gains toward the resistance level at 0.9380.<\/p>\n

Resistance level: 0.9380, 0.9470<\/p>\n

Support level: 0.9320, 0.9240<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following the prior rebound from the upward trend line while currently testing for the resistance level at 76.05. MACD which illustrated increasing bullish momentum suggests the commodity to extend its gains if successfully breaks above the resistance level.<\/p>\n

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

Support level: 73.20,70,65<\/p>\n

 <\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following the prior rebound from the support level at 1819.15. MACD which illustrated bullish momentum suggests the commodity to extend its gains toward the resistance level.<\/p>\n

Resistance level: 1847.55, 1876.90<\/p>\n

Support level: 1819.15, 1797.85<\/p>\n

\u00a0<\/u><\/strong><\/p>\n

\u00a0<\/u><\/strong><\/p>\n

\u00a0<\/u><\/strong><\/p>\n

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

24 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   Eurodollar slipped as Eurozone Inflation cooled down.   The Euro, as one of the most traded currencies by the global investor, slipped after the Eurostat CPI report was released. The annual inflation was down to 8.6% in January compared to December at 9.2%, mainly due to falls in […]<\/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\/305701"}],"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=305701"}],"version-history":[{"count":4,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/305701\/revisions"}],"predecessor-version":[{"id":305871,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/305701\/revisions\/305871"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=305701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=305701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=305701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}