{"id":311283,"date":"2023-03-21T06:58:53","date_gmt":"2023-03-21T06:58:53","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=311283"},"modified":"2023-03-21T07:05:03","modified_gmt":"2023-03-21T07:05:03","slug":"210323-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210323-afternoon-session-analysis\/","title":{"rendered":"210323 Afternoon Session Analysis"},"content":{"rendered":"

21 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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Euro appreciated after Lagarde\u2019s optimistic speech.<\/strong><\/span><\/p>\n

The Euro dollar, which is one of the most popular traded currencies, continued to be favorable by global investors after Europe Central Banks (ECB) president Lagarde\u2019s optimistic speech on Eurozone banking sectors. Before that, Christine Lagarde has acknowledged that turmoil in the banking sector could force the ECB to stop raising interest rates as the market jitters hit the Eurozone\u2019s business and consumer spending. The total amount of lending in the Eurozone from banks in the bloc contracted by \u20ac61bn from January to February. However, Lagarde mentioned that the Eurozone banks had limited exposure to Credit Suisse after the joint efforts by Swiss National Banks (SNB) and UBS of taking over the bank. She also said Eurozone lenders were \u201cwell supervised\u201d, with more than 2200 banks in Europe covered by Basel III rules requiring them to maintain a minimum 7% capital requirement. Additionally, Euro continued to benefit from the weakening of the dollar. The US Federal Reserve and other major central banks joint action of increasing the frequency of maturity operations from weekly to daily has improved the liquidity of the currencies. As a result, the joint plan has weakened the US dollar. As of writing, the EUR\/USD pair slipped -0.12% to $1.0706, while the market participants are waiting for more cues from Germany’s ZEW Economic Sentiment.<\/p>\n

In the commodities market, crude oil prices were traded down by -1.03% to $67.10 per barrel as the uncertainty of the Fed interest rate decision.\u00a0 Besides, gold prices depreciated by -0.32% to $1976.70 per troy ounce as the Fed meeting looms.<\/p>\n

\u00a0<\/u><\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Vernal Equinox<\/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

20:30\u00a0\u00a0\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 \u00a0ECB President Lagarde Speaks<\/p>\n

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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\u00a0 – German ZEW Economic Sentiment (Mar)<\/td>\n28.1<\/td>\n16.4<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Core CPI (MoM) (Feb)<\/td>\n0.3%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Existing Home Sales<\/td>\n4.00M<\/td>\n4.17M<\/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, H4: <\/strong>Dollar index was traded lower following the prior breakout below the previous support level at 103.00. However, MACD which illustrated diminishing bearish momentum suggests the index to undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 103.00, 104.45<\/p>\n

Support level: 101.70, 100.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following the prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.2145.<\/p>\n

 <\/p>\n

Resistance level: 1.2300, 1.2445<\/p>\n

Support level: 1.2145, 1.2010<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following the prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.0365.<\/p>\n

 <\/p>\n

Resistance level: 1.0790, 1.0930<\/p>\n

Support level: 1.0635, 1.0505<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

Support level: 130.25, 128.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing for the support level at 0.6685. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses after it successfully break below the support level.<\/p>\n

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Resistance level: 0.6775, 0.6870<\/p>\n

Support level: 0.6685, 0.6600<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following the prior retracement from the resistance level at 0.6265. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 0.6150.<\/p>\n

 <\/p>\n

Resistance level: 0.6325, 0.6400<\/p>\n

Support level: 0.6265, 0.6195<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing for the resistance level at 1.3685. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains if successfully break above the resistance level.<\/p>\n

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Resistance level: 1.3785, 1.3880<\/p>\n

Support level: 1.3685, 1.3600<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9285. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses if successfully break below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9320, 0.9475<\/p>\n

Support level: 0.9225, 0.9070<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following retracement from the higher level. However, MACD which illustrated bullish momentum suggests the commodity to undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 68.30, 70.65<\/p>\n

Support level: 66.05, 63.70<\/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 diminishing bullish momentum suggests the commodity to undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 1985.50, 2009.10<\/p>\n

Support level: 1954.90, 1926.70<\/p>\n

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

21 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Euro appreciated after Lagarde\u2019s optimistic speech. The Euro dollar, which is one of the most popular traded currencies, continued to be favorable by global investors after Europe Central Banks (ECB) president Lagarde\u2019s optimistic speech on Eurozone banking sectors. Before that, Christine Lagarde has acknowledged that turmoil in the […]<\/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\/311283"}],"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=311283"}],"version-history":[{"count":3,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/311283\/revisions"}],"predecessor-version":[{"id":311413,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/311283\/revisions\/311413"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=311283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=311283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=311283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}