{"id":307909,"date":"2023-03-07T00:53:25","date_gmt":"2023-03-07T00:53:25","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=307909"},"modified":"2023-03-07T00:53:25","modified_gmt":"2023-03-07T00:53:25","slug":"070323-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070323-morning-session-analysis\/","title":{"rendered":"070323 Morning Session Analysis"},"content":{"rendered":"

7 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

US Dollar beaten down ahead Powell\u2019s speech.<\/strong><\/span><\/p>\n

The Dollar Index, which gauge its value against a basket of six major currencies dropped significantly on yesterday as investors are awaiting the testimony from Federal Reserve Chair. Federal Reserve Chairman Jerome Powell would publish his testifies on Tuesday and Wednesday, whereas the market participants will be looking to the event for clues on the Fed\u2019s interest rate decisions. Prior to that, the opinions among Fed members are simply divided. Most of the officials said that the aggressive rate hike path should be continued in order to quickly restore price stability. Though, part of member suggested the central bank to hike rates by 25 basis point in the next meeting for avoiding economy recession. Such situation has confused the market participants. On the other hand, investors would also eyeing on the announcement of NFP data for speculating the next step of Fed, which prompting investors to step back from the market. In addition, the Dollar Index has extended its losses after the ECB official called for more rate hikes. According to Reuters, the Austrian central bank chief Robert Holzmann claimed on Monday that the ECB should raise interest rates by 50 basis points at each of its next four meetings as inflation is proving to be stubborn. As of writing, the Dollar Index depreciated by 0.23% to 104.25.<\/p>\n

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In the commodity market, the crude oil price edged down by 0.01% to $80.50 per barrel as of writing following the China economic growth did not meet market forecast. Besides, the gold price dropped by 0.11% to $1844.73 per troy ounce as of writing following the market\u2019s cautious mood ahead of the key data and events.<\/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

11:30\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\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 RBA Rate Statement<\/p>\n

23:00\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 Fed Chair Powell Testifies<\/p>\n

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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
11:30<\/td>\nAUD – RBA Interest Rate Decision (Mar)<\/td>\n3.35%<\/td>\n3.60%<\/td>\n–<\/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 lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the index to extend its losses.<\/p>\n

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

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

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GBPUSD, H4: <\/strong>GBPUSD 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

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

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

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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

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

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

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USDJPY, Daily: <\/strong>USDJPY 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

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

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

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

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

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

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.<\/p>\n

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

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

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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

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

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

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

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

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

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

 <\/p>\n

Resistance level: 82.25, 84.45<\/p>\n

Support level: 80.15, 78.50<\/p>\n

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\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.<\/p>\n

 <\/p>\n

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

Support level: 1833.85, 1811.45<\/p>\n","protected":false},"excerpt":{"rendered":"

7 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis US Dollar beaten down ahead Powell\u2019s speech. The Dollar Index, which gauge its value against a basket of six major currencies dropped significantly on yesterday as investors are awaiting the testimony from Federal Reserve Chair. Federal Reserve Chairman Jerome Powell would publish his testifies on Tuesday and Wednesday, whereas […]<\/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\/307909"}],"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=307909"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/307909\/revisions"}],"predecessor-version":[{"id":307985,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/307909\/revisions\/307985"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=307909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=307909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=307909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}