{"id":308385,"date":"2023-03-08T06:22:56","date_gmt":"2023-03-08T06:22:56","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=308385"},"modified":"2023-03-08T06:22:56","modified_gmt":"2023-03-08T06:22:56","slug":"080323-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080323-afternoon-session-analysis\/","title":{"rendered":"080323 Afternoon Session Analysis"},"content":{"rendered":"

08 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

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Aussie plummeted amid dovish comment from Philip Lowe.<\/strong><\/span><\/p>\n

The Australian dollar, which is widely known as Aussie, has been plunging since yesterday morning as a series of negative news weighs on the market. In Tuesday\u2019s RBA meeting, the board of members agreed to increase the cash rate by 25 basis points to 3.60%, as widely expected.\u00a0\u00a0 Although the outlook of the global economies remains cloudy, the CPI data suggested that the inflation rate in Australia has peaked, whereby the prices of goods and services are expected to moderate shortly.\u00a0 With such a backdrop, the Governor of RBA, Lowe revealed that the current cash rate is close to the appropriate level for curbing inflation going forward. Hence, it signaled that they might pause the rate hike plan anytime soon, provided that the inflation shows no sign of exacerbation in the future. The Aussie dollar slumped with the looming pause in rate hikes as it was against the plans of other major central banks, which still favor aggressive rate hike plans to tackle the high inflation. As of writing, the pair of AUD\/USD dipped by -0.05% to 0.6580.<\/p>\n

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In the commodities market, crude oil prices jumped by 0.54% to $77.50 per barrel after plummeting by more than 3% during the previous trading session as the increase in dollar value urged the USD-denominated oil to become expensive.\u00a0\u00a0 Besides, gold prices edged down -0.16% to $1810.25 per troy ounce following the hawkish statement from Jerome Powell.<\/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

18:00\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB President Lagarde Speaks<\/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 Fed Chair Powell Testifies<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
21:15<\/td>\nUSD – ADP Nonfarm Employment Change (Feb)<\/td>\n106K<\/td>\n195K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – JOLTs Job Openings (Jan)<\/td>\n11.012M<\/td>\n10.600M<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCAD – BoC Interest Rate Decision<\/td>\n4.50%<\/td>\n4.50%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n1.165M<\/td>\n0.395M<\/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 higher following the prior breakout above the previous resistance level at 105.00. MACD which illustrated bullish bias momentum suggests the index to extend its gains toward the resistance level at 106.65.<\/p>\n

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Resistance level: 106.65, 108.45<\/p>\n

Support level: 105.00, 103.15<\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.1820. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1.1940, 1.2105<\/p>\n

Support level: 1.1820, 1.1725<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower following the prior breakout below the previous support level at 1.0575. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0445.<\/p>\n

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Resistance level: 1.0575, 1.0665<\/p>\n

Support level: 1.0445, 1.0275<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded higher following the prior breakout above the previous resistance level at 136.30. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 138.95.<\/p>\n

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Resistance level: 138.95, 141.60<\/p>\n

Support level: 136.30, 135.20<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6565. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 0.6675, 0.6785<\/p>\n

Support level: 0.6565, 0.6425<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower following the prior breakout below the previous support level at 0.6150. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6040.<\/p>\n

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Resistance level: 0.6150, 0.6290<\/p>\n

Support level: 0.6040, 0.5925<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher following the prior breakout above the previous resistance level at 1.3730. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.3830.<\/p>\n

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Resistance level: 1.3830, 1.3880<\/p>\n

Support level: 1.3730, 1.3635<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded higher following the prior rebound from the support level at 0.9320. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9475.<\/p>\n

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Resistance level: 0.9475, 0.9605<\/p>\n

Support level: 0.9320, 0.9225<\/p>\n

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CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following the prior retracement from the resistance level at 81.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 76.10.<\/p>\n

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Resistance level: 81.70, 83.55<\/p>\n

Support level: 76.10, 71.65<\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded lower while currently testing the support level at 1809.10. MACD which illustrated diminishing bullish momentum suggests the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1835.00, 1859.90<\/p>\n

Support level: 1809.10, 1786.00<\/p>\n

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

08 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Aussie plummeted amid dovish comment from Philip Lowe. The Australian dollar, which is widely known as Aussie, has been plunging since yesterday morning as a series of negative news weighs on the market. In Tuesday\u2019s RBA meeting, the board of members agreed to increase the cash rate 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\/308385"}],"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=308385"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/308385\/revisions"}],"predecessor-version":[{"id":308423,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/308385\/revisions\/308423"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=308385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=308385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=308385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}