{"id":313977,"date":"2023-03-31T06:52:36","date_gmt":"2023-03-31T06:52:36","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=313977"},"modified":"2023-03-31T06:52:36","modified_gmt":"2023-03-31T06:52:36","slug":"310323-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/310323-afternoon-session-analysis\/","title":{"rendered":"310323 Afternoon Session Analysis"},"content":{"rendered":"

31 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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The Aussie rose after the strong Chinese PMI was released.\u00a0\u00a0<\/strong><\/span><\/p>\n

The Aussie dollar climbed higher after strong Chinese PMI data was released, as China is one of the major trading partners in Australia.\u00a0 The China Composite PMI readings rose to 57.0, from the previous reading of 56.4, while the manufacturing PMI at 51.9 and non-manufacturing PMI at 58.2, both figures were above the consensus. The stronger-than-expected result suggests China\u2019s economy is recovering from a contraction after the easing of covid epidemic prevention measures.\u00a0 The recovery in China’s business activity will likely give a boost to Australia’s economy going forward.\u00a0 Besides, the Australian prime minister recommended minimum wages increase that matches the inflation in Australia.\u00a0 According to Reuters, the Australian Council of Trade Unions is demanding a 7% increase in the wage rate.\u00a0 However, Prime Minister said the government’s submission to the Fair Work Commission (FWC) did not contain a specific figure for the minimum wage increase, and he welcomed any figure that matched the increase in inflation. The increase in the minimum wage can relieve the pressure on households against inflation and improve consumption power, thus promoting the Australian economy and strengthening the currency.\u00a0 As of writing, the AUD\/USD appreciated by 0.18% to 0.6719.<\/p>\n

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In the commodity market, the crude oil prices were traded up by 0.01% to $74.38 per barrel as of writing as the expansion of China\u2019s manufacturing activity lifted the crude oil demands.\u00a0 In addition, the gold price edged up by 0.06% to $1998.80 per troy ounce as of writing due to the weakening of the US Dollar.<\/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

23:00\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 ECB President Lagarde Speaks<\/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
15:55<\/td>\nEUR – German Unemployment Change (Mar)<\/td>\n2K<\/td>\n3K<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR – CPI (YoY) (Mar)<\/td>\n8.50%<\/td>\n7.20%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core PCE Price Index (MoM) (Feb)<\/td>\n0.60%<\/td>\n0.40%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – GDP (MoM) (Jan)<\/td>\n-0.10%<\/td>\n0.40%<\/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 while currently testing for a support level at 101.70. MACD which illustrated increasing bearish momentum suggests the index extended its losses if it successfully breaks below the support level.<\/p>\n

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

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

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GBPUSD, H4: <\/strong>GBPUSD 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

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

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

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EURUSD, H4: <\/strong>EURUSD was traded higher following a prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level at 1.0930.<\/p>\n

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

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

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

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

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

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following a prior rebound from the support level at 0.6685. MACD which illustrated increasing bullish momentum suggests the pair extended its gains.<\/p>\n

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

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

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following a prior breakout above the previous resistance level at 0.6265. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level at 0.6320.<\/p>\n

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Resistance level: 0.6320, 0.6400<\/p>\n

Support level: 0.6262, 0.6195<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing for the support level at 1.3515. However, MACD which illustrated decreasing bearish momentum suggests the pair to undergo technical correction in the short term.<\/p>\n

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

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

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USDCHF, H4: <\/strong>USDCHF was traded lower following a prior breakout below the previous support level at 0.9180. MACD which illustrated bearish momentum suggests the pair extend its losses toward the support level at 0.9090<\/p>\n

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Resistance level: 0.9180, 0.9285<\/p>\n

Support level: 0.9090, 0.9005<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following a prior breakout above the resistance level at 73.20. MACD which illustrated decreasing bearish momentum suggests the commodity extended its gains toward the resistance level at 76.05<\/p>\n

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

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

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GOLD_, H4: <\/strong>Gold price was traded higher following a prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggests the commodity extended its gains toward the resistance level at 1985.50<\/p>\n

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

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

\u00a0<\/u><\/strong><\/p>\n

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

31 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis     The Aussie rose after the strong Chinese PMI was released.\u00a0\u00a0 The Aussie dollar climbed higher after strong Chinese PMI data was released, as China is one of the major trading partners in Australia.\u00a0 The China Composite PMI readings rose to 57.0, from the previous reading of 56.4, […]<\/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\/313977"}],"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=313977"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/313977\/revisions"}],"predecessor-version":[{"id":314097,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/313977\/revisions\/314097"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=313977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=313977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=313977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}