{"id":311557,"date":"2023-03-22T07:13:14","date_gmt":"2023-03-22T07:13:14","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=311557"},"modified":"2023-03-22T08:10:33","modified_gmt":"2023-03-22T08:10:33","slug":"220323-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220323-afternoon-session-analysis\/","title":{"rendered":"220323 Afternoon Session Analysis"},"content":{"rendered":"

22 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

Loonie slipped as inflation slows in peace.<\/strong><\/span><\/p>\n

The Loonie, one of the most traded currencies for global investors, slipped as inflation slows in peace in February. Canadian February yearly basis inflation slowed to 4.7% compared with economists\u2019 estimation of 4.8%. Inflation slowed for the fifth straight month and was the largest deceleration since April 2020. According to Statistics Canada. The decline in CPI in February was due to a steep monthly increase in price in February 2020 when the global supply was significantly affected by the Russian invasion of Ukraine. Furthermore, Investors are anticipated that the Bank of Canada will pause its interest rate hike as inflation slowdown in peace. Part of the analyst also argued that Canada\u2019s economy is more sensitive to interest rate hikes than the US economy, amid Canadians’ participation in the hot housing market in recent years and the shorter Canadian mortgage cycle. A statistic announced by the National Bank of Canada that interest rate sensitive demand in Canada\u2019s economy was 26% of final domestic demand when compared with 21% of the United States. Besides, Lonnie continues to slip ahead of the Fed interest rate decision as investors await more cues from the meeting. As of writing, the USD\/CAD pairs depreciation by -0.08% to $1.3700.<\/p>\n

In the commodities market, crude oil prices edged down by -0.89% to $69.05 per barrel as the market awaits interest rate decision looms. Besides, gold prices ticked up by 0.25% to $1945.95 per troy ounce amid the uncertainty about the Fed monetary policy decision.<\/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

 <\/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

16:45\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 \u00a0 ECB President Lagarde Speaks<\/p>\n

02:00\u00a0\u00a0\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 FOMC Economic Projections<\/p>\n

(23th<\/sup>)<\/p>\n

02:00\u00a0\u00a0\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 \u00a0FOMC Press Conference<\/p>\n

(23th<\/sup>)<\/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
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n1.550M<\/td>\n-1.565M<\/td>\n–<\/td>\n<\/tr>\n
02:00<\/p>\n

(23th<\/sup>)<\/td>\n

USD – Fed Interest Rate Decision<\/td>\n4.75%<\/td>\n5.00%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

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 traded higher as technical correction.<\/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 higher following the rebound from the lower level. However, MACD which illustrated increasing bearish momentum suggest the pair to undergo technical correction in the short term.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following rebound from the lower level. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in the short term.<\/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 while currently testing for the support level at 132.30. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses if successfully break below the support level.<\/p>\n

 <\/p>\n

Resistance level: 134.60, 136.30<\/p>\n

Support level: 132.30, 130.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6685. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains if successfully break above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 0.6600, 0.6525<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing for the resistance level at 0.6195. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains if breaks above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 0.6120, 0.6050<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD 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: 1.3785, 1.3880<\/p>\n

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

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following a prior break below the previous support level at 0.9285. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.9180<\/p>\n

 <\/p>\n

Resistance level: 0.9285, 0.9390<\/p>\n

Support level: 0.9180, 0.9090<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following the prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 68.30.<\/p>\n

 <\/p>\n

Resistance level: 70.65, 73.20<\/p>\n

Support level: 68.30, 66.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following a prior break below the previous support level at 1954.90 MACD which illustrated increasing bearish momentum suggests the commodity to extend its losses toward the support level at 1926.70.<\/p>\n

 <\/p>\n

Resistance level: 1954.90, 1985.50<\/p>\n

Support level: 1926.70, 1900.20<\/p>\n

 <\/p>\n

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

22 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Loonie slipped as inflation slows in peace. The Loonie, one of the most traded currencies for global investors, slipped as inflation slows in peace in February. Canadian February yearly basis inflation slowed to 4.7% compared with economists\u2019 estimation of 4.8%. Inflation slowed for the fifth straight month and […]<\/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\/311557"}],"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=311557"}],"version-history":[{"count":2,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/311557\/revisions"}],"predecessor-version":[{"id":311743,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/311557\/revisions\/311743"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=311557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=311557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=311557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}