{"id":317499,"date":"2023-04-17T05:52:14","date_gmt":"2023-04-17T05:52:14","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=317499"},"modified":"2023-04-17T05:52:14","modified_gmt":"2023-04-17T05:52:14","slug":"170423-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170423-afternoon-session-analysis\/","title":{"rendered":"170423 Afternoon Session Analysis"},"content":{"rendered":"

17 April 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Euro beaten down by dovish speech from ECB.<\/strong><\/span><\/p>\n

The EUR\/USD, which traded by majority of global investors received significant bearish momentum on last Friday following the dovish statement has been presented by ECB officials. According to Bloomberg, the ECB Governing Council member Mario Centeno claimed on the International Monetary Fund (IMF) Spring Meetings that the central bank was suggested to slow down its rate hike pace due to the stress of high-price in the Eurozone was easing. He said there was no need for further aggressive rate rises, so he thought a rise of 0 or 25 basis points would be appropriate in the May meeting. Besides, another ECB member had also expressed similar views. ECB Governing Council member Francois Villeroy de Galha emphasized that the process of rate hike was coming to an end. With such background, the appeal of Euro was dragged down, while prompting investors to shift their capitals toward other currencies such as US Dollar. Though, it is note-worthy that some of the members still support the central bank to raise its rate by 50 basis point to dampen inflationary risk. Thus, the speech of ECB President Christine Lagarde that would be released today would likely to provide some clues about its interest rate decisions. As of writing, the EUR\/USD depreciated by 0.19% to 1.0979.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil prices edged up by 0.01% to $82.44 per barrel as of writing following the IEA speculated the oil demand would rebound in the year of 2023. On the other hand, the gold price dropped by 0.01% to $2004.26 per troy ounce as of writing over the strengthening of 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\u00a0\u00a0 EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\/A<\/p>\n

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 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the index to extend its gains.<\/p>\n

 <\/p>\n

Resistance level: 102.05, 103.20<\/p>\n

Support level: 100.90, 99.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 1.2595, 1.2860<\/p>\n

Support level: 1.2345, 1.2120<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following prior retracement from the higher level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 1.1100, 1.1300<\/p>\n

Support level: 1.0890, 1.0740<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior rebound from the support level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.<\/p>\n

 <\/p>\n

Resistance level: 135.20, 139.05<\/p>\n

Support level: 131.15, 127.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.<\/p>\n

 <\/p>\n

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

Support level: 0.6605, 0.6435<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 0.6225, 0.6360<\/p>\n

Support level: 0.6080, 0.5960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.<\/p>\n

 <\/p>\n

Resistance level: 1.3500, 1.3675<\/p>\n

Support level: 1.3330, 1.3155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.<\/p>\n

 <\/p>\n

Resistance level: 0.9070, 0.9235<\/p>\n

Support level: 0.8920, 0.8765<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 86.40, 91.85<\/p>\n

Support level: 81.30, 76.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 2025.70, 2069.15<\/p>\n

Support level: 1987.85, 1948.50<\/p>\n","protected":false},"excerpt":{"rendered":"

17 April 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Euro beaten down by dovish speech from ECB. The EUR\/USD, which traded by majority of global investors received significant bearish momentum on last Friday following the dovish statement has been presented by ECB officials. According to Bloomberg, the ECB Governing Council member Mario Centeno claimed on the International Monetary […]<\/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\/317499"}],"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=317499"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/317499\/revisions"}],"predecessor-version":[{"id":317605,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/317499\/revisions\/317605"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=317499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=317499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=317499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}