{"id":307691,"date":"2023-03-06T03:47:12","date_gmt":"2023-03-06T03:47:12","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=307691"},"modified":"2023-03-06T03:47:51","modified_gmt":"2023-03-06T03:47:51","slug":"060323-morning-session-analysis-2","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060323-morning-session-analysis-2\/","title":{"rendered":"060323 Afternoon Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Pound jumped amid upbeat economic data.<\/strong><\/span><\/p>\n

The Pound Sterling, which is majorly traded by global investors, took over the crown from other currencies last Friday following the release of a series of upbeat economic data.\u00a0 According to The Chartered Institute of Purchasing & Supply and the NTC Economics, UK Services PMI increased from the prior month\u2019s reading of 48.7 to 53.5 in the month of February, slightly higher than the consensus forecast at 53.3.\u00a0 Besides, Markit Economics also posted UK Composite PMI data at 53.1, similarly higher than the consensus expectation of 53.0.\u00a0 With that, the investors finally see some light at the end of the tunnel, whereby the stronger business confidence and improved business outlook boosted the overall economic activity in the UK.\u00a0 Also, the market worries over the recession risk in the nation waned, despite the policymakers still holding pessimistic views against the economic outlook.\u00a0 On the other side, the less-hawkish comment from the Atlanta Fed President Raphael Bostic calmed down the bullish momentum in the US dollar market, lifting the pair of GBP\/USD to a higher level.\u00a0 As of writing, the pair of GBP\/USD rose 0.01% to 1.2041.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices plummeted by 1.04% this morning as China set a slightly lower annual GDP target at about 5.0%, while the last year\u2019s target was about 5.5%.\u00a0 Besides, gold prices edged down 0.09% to $1855.15 per troy ounce amid a technical correction after a huge surge in the previous trading session.<\/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

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 <\/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

 <\/p>\n

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 (Feb)<\/td>\n48.4<\/td>\n49.1<\/td>\n–<\/strong><\/td>\n<\/tr>\n
23:00<\/td>\nCAD – Ivey PMI (Feb)<\/td>\n60.1<\/td>\n55.9<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 104.70, 106.30<\/p>\n

Support level: 103.20, 102.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/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 higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.<\/p>\n

 <\/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 while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses of successfully breakout the support level.<\/p>\n

 <\/p>\n

Resistance level: 139.05, 142.25<\/p>\n

Support level: 135.20, 131.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.6775, 0.6860<\/p>\n

Support level: 0.6695, 0.6630<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6260, 0.6360<\/p>\n

Support level: 0.6170, 0.6080<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.3675, 1.3865<\/p>\n

Support level: 1.3500, 1.3320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.9400, 0.9590<\/p>\n

Support level: 0.9235, 0.9065<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 79.50, 81.50<\/p>\n

Support level: 77.25, 75.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.<\/p>\n

 <\/p>\n

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

Support level: 1833.85, 1811.45<\/p>\n

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

06 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Pound jumped amid upbeat economic data. The Pound Sterling, which is majorly traded by global investors, took over the crown from other currencies last Friday following the release of a series of upbeat economic data.\u00a0 According to The Chartered Institute of Purchasing & Supply and the NTC Economics, […]<\/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\/307691"}],"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=307691"}],"version-history":[{"count":2,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/307691\/revisions"}],"predecessor-version":[{"id":307735,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/307691\/revisions\/307735"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=307691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=307691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=307691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}