{"id":313629,"date":"2023-03-30T06:56:15","date_gmt":"2023-03-30T06:56:15","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=313629"},"modified":"2023-03-30T06:56:15","modified_gmt":"2023-03-30T06:56:15","slug":"300323-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/300323-afternoon-session-analysis\/","title":{"rendered":"300323 Afternoon Session Analysis"},"content":{"rendered":"

30 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

BoE\u2019s Mann hawkish statement limited sterling\u2019s losses.<\/strong><\/span><\/p>\n

The pound sterling, the most traded currency among global investors, fell yesterday, but hawkish statements from Bank of England Catherine Mann limited the losses. In the communique, Mann mentioned that the Silicon Valley Bank (SVB) collapse was due to inadequate management and poor risk monitoring. The collapse was not caused by monetary policy, and British banks remain resilient. This statement gave investors a boost of confidence while urging the pound higher. At the same time, the fall in energy prices will ease the headline inflation toward the BoE 2% inflation target, but increasing in core goods and services will bring the core CPI to buoyed at a high level, comments from Mann. To bring inflation back to the Bank of England’s target, Mann has given a clear decision that, she is going to vote for a 25-basis point rate hike at the next monetary policy committee (MPC) meeting. The recent economic data showed unexpected growth in the UK economy, which increased the odds that the BoE will continue to hike the rate in the next MPC meeting. As of writing, the GBP\/USD was traded higher by 0.05% to $1.2319.<\/p>\n

\n

In the commodity market, the crude oil price edged up by 0.15% to $73.08 per barrel while investors continued to eye on the upcoming German inflation data. On the other hand, the gold price appreciated by 0.02% to $1984.65 per troy ounce following the prior drop as the risk appetite eased.<\/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

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BOE Inflation Letter<\/p>\n

 <\/p>\n

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
20:00<\/td>\nEUR – German CPI (YoY) (Mar)<\/td>\n8.70%<\/td>\n7.30%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – GDP (QoQ) (Q4)<\/td>\n2.70%<\/td>\n2.70%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n191K<\/td>\n196K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following a prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggests the index to extend it gains toward the resistance level at 103.00<\/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 while currently testing the support level at 1.2300. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses is successfully breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2445, 1.2590<\/p>\n

Support level: 1.2300, 1.2145<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following a prior retracement from the higher level. MACD which illustrated decreasing bullish momentum suggests the pair to be extend its losses toward the support level at 1.0790.<\/p>\n

 <\/p>\n

Resistance level: 1.0930, 1.1070<\/p>\n

Support level: 1.0790, 1.0635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following a prior retracement from the higher level. MACD which illustrated decreasing bullish momentum suggests the pair to extend its losses toward the support level at 132.30.<\/p>\n

 <\/p>\n

Resistance level: 134.55, 136.30<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following a prior breakout below the previous support level at 0.6685. MACD which illustrated decreasing bullish momentum suggests the pair extended its losses toward the support level at 0.6600.<\/p>\n

 <\/p>\n

Resistance level: 0.6775, 0.6910<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following a prior retracement from the support level at 0.6195. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/strong><\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following a prior rebound from the lower level. MACD which illustrated decreasing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.3600.<\/p>\n

 <\/p>\n

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

Support level: 1.3515, 1.3420<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following a prior rebound from the support level at 0.9180. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following a prior breakout below the previous support level at 73.20. MACD which illustrated increasing bearish momentum suggests the commodity to extend its losses toward the support level at 70.65<\/p>\n

 <\/p>\n

Resistance level: 73.20, 76.05<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing for the support level at 1954.90. MACD which illustrated bearish momentum suggest the commodity to extend its losses if successfully breaks below the support level.<\/p>\n

 <\/p>\n

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

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

\u00a0<\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

30 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   BoE\u2019s Mann hawkish statement limited sterling\u2019s losses. The pound sterling, the most traded currency among global investors, fell yesterday, but hawkish statements from Bank of England Catherine Mann limited the losses. In the communique, Mann mentioned that the Silicon Valley Bank (SVB) collapse was due to inadequate management […]<\/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\/313629"}],"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=313629"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/313629\/revisions"}],"predecessor-version":[{"id":313725,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/313629\/revisions\/313725"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=313629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=313629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=313629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}