{"id":312701,"date":"2023-03-27T07:33:06","date_gmt":"2023-03-27T07:33:06","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=312701"},"modified":"2023-03-27T07:33:06","modified_gmt":"2023-03-27T07:33:06","slug":"270323-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/270323-afternoon-session-analysis\/","title":{"rendered":"270323 Afternoon Session Analysis"},"content":{"rendered":"

27 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 steadied as UK\u2019s optimistic economic outlook.<\/strong><\/span><\/p>\n

Sterling held steady as Bank of England (BoE) Governor Andrew Bailey expressed optimism about the UK’s economic outlook.\u00a0 Bailey said in an interview broadcast on Friday that he expects Britain would now able to avoid recession this year although economic growth prospects remained subdued. Prior to this, the BoE expected the UK economy to shrink in the first quarter, but a series of official data published earlier in March showed the economy has returned to growth in Jan unexpectedly. Retail sales data released on Friday hit 1.2%, stronger than market expectation of 0.2%, higher than prior reading, based on the Britain\u2019s Office for National Statistics. At the same time, the UK released its Composite PMI data last Friday, where the services PMI were positive at 52.8, above the 50-level threshold, while the manufacturing PMI slipped to 48.0, representing 8 months of contraction. Despite, the S&P Global said the improvement of confidence was reflected by an easing of post-Covid supply chain difficulties and raising in retail sales. The economists also revised their expectation of the UK economic outlook after the PMI survey showed a second month of rising output in March. As of writing the GBP\/USD gained slightly by 0.02% to $1.2234.<\/p>\n

\n

In the commodity market, the crude oil prices were traded up by 0.95% to $69.91 per barrel after hitting the 15 month low as the market concerns over an economic slowdown. On the other side, the gold price dipped by -0.62% to $1988.90 per troy ounce as of writing amid investors locked in profits after substantial gains in bullion prices.<\/p>\n

 <\/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

N\/A<\/p>\n

 <\/p>\n

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
16:00<\/td>\nEUR – German Ifo Business Climate Index (Mar)<\/td>\n91.1<\/td>\n91<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following a prior retracement from the higher level. MACD which illustrated decreasing bullish momentum suggests the index to extend its losses toward the support level at 101.70.<\/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 a prior rebound from the lower level. However, MACD which illustrated decreasing bearish momentum suggests the pair to be traded higher as technical correction.<\/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 lower following a prior retracement from the higher level. However, MACD which illustrated decreasing bearish momentum suggests the pair traded higher as technical correction.<\/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 a prior retracement from the higher level. However, MACD which illustrated increasing bullish momentum suggests the pair to be traded higher as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 132.30, 134.60<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

Support level: 0.6605, 0.6525<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing for the support level at 0.6195. However, MACD which illustrated decreasing bearish momentum suggests the pair to undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6265, 0.6320<\/p>\n

Support level: 0.6195, 0.6120<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following a prior rebound from the lower level. However, MACD which illustrated decreasing bullish momentum suggests the pair to traded lower as technical correction.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following a prior retracement from the higher level. However, MACD which illustrated bullish momentum suggests the pair to undergo technical correction in the short term.<\/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 retracement from the higher level. MACD which illustrated decreasing bullish momentum suggests 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: 68.20, 66.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following a prior break below from the previous support level at 1985.50. MACD which illustrated increasing bearish momentum suggests the commodity to extend its losses toward the support level at 1954.90.<\/p>\n

 <\/p>\n

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

Support level: 1954.90, 1926.70<\/p>\n","protected":false},"excerpt":{"rendered":"

27 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Pound steadied as UK\u2019s optimistic economic outlook. Sterling held steady as Bank of England (BoE) Governor Andrew Bailey expressed optimism about the UK’s economic outlook.\u00a0 Bailey said in an interview broadcast on Friday that he expects Britain would now able to avoid recession this year although economic growth […]<\/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\/312701"}],"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=312701"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/312701\/revisions"}],"predecessor-version":[{"id":312797,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/312701\/revisions\/312797"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=312701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=312701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=312701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}