{"id":323325,"date":"2023-05-16T06:06:04","date_gmt":"2023-05-16T06:06:04","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=323325"},"modified":"2023-05-16T06:06:04","modified_gmt":"2023-05-16T06:06:04","slug":"160523-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160523-afternoon-session-analysis\/","title":{"rendered":"160523 Afternoon Session Analysis"},"content":{"rendered":"

16 May 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

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EUR lifted up after the economic outlook improved. consumer<\/strong><\/span><\/p>\n

The Euro which was traded against the greenback, was lifted yesterday after the European Commission delivered an optimistic spring 2023 economic forecast.\u00a0 The economic outlook for 2023 and 2024 was revised up to 1.0% and 1.7%, respectively, from 0.8% and 1.0%. The main factor attributed to the revised is the lower energy price allows governments to phrase out energy support measures. Falling in energy prices drove further government budget deficit reductions to 3.1% and 2.4% in 2023 and 2024 in accordingly. The headline inflations will further be cooling amid a sharp deceleration of energy prices. Moreover, the labor market remains resilient against economic slowdown since the EU unemployment rate hit a record low of 6.0% in March 2023. Wage growth has picked up since early 2020 but estimation of the upcoming unemployment rate will remain just above 6%.\u00a0 However, the expansion of the economy showed in slowing pace after the EU industrial production in March presented in negative -4.1% reading, lower than the previous reading and market estimations which is 1.5% and -2.5% respectively. The output of capital goods such as construction and equipment fell 15.4% in the month, while Irish output plunged 26.3% for the month, Eurostat said on Monday. Meanwhile, investors are await for Christine Lagarde, European Central Bank (ECB) Governor’s speech tonight to get a clue from it. As of writing, the EUR\/USD edged up by 0.08% to 1.0883.<\/p>\n

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In the commodities market, crude oil prices are up by 0.48% to $71.45 per barrel amid the US Department of Energy’s plan to refill its Strategic Petroleum Reserve (SPR). Besides, gold prices gained by 0.01% to $2016.69 per troy ounce as the dollar weakened.<\/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

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0IEA Monthly Report<\/p>\n

22:00\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 \u00a0ECB 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
17:00<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR – German ZEW Economic Sentiment (May)<\/td>\n4.1<\/td>\n-5.3<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD – Core Retail Sales (MoM) (Apr)<\/td>\n-0.4%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD – Retail Sales (MoM) (Apr)<\/td>\n-0.6%<\/td>\n0.8%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD – Core CPI (MoM) (Apr)<\/td>\n0.6%<\/td>\n–<\/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 prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggests the index extended its losses toward the support level at 101.90.<\/p>\n

 <\/p>\n

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

Support level: 101.90, 101.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following the prior rebound from the support level at 1.2445. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2590, 1.2735<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following the 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

 <\/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 the prior retracement from resistance level at 136.30. MACD which illustrated diminishing bearish momentum suggests the pair extended its gains toward the resistance level at 136.30.<\/p>\n

 <\/p>\n

Resistance level: 136.30, 138.15<\/p>\n

Support level: 134.55, 132.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6685. However, MACD which illustrated bullish momentum suggests the pair to undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6775, 0.6870<\/p>\n

Support level: 0.6685, 0.6600<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following the prior rebound from the lower level. \u00a0MACD which illustrated increasing bullish momentum suggests the pair to extend its gains toward the resistance level at 0.6265<\/p>\n

 <\/p>\n

Resistance level: 0.6265, 0.6325<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following the prior break below from the previous support level at 1.3515. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3515, 1.3600<\/p>\n

Support level: 1.3420, 1.3330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF traded lower following a prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level.<\/p>\n

 <\/p>\n

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

Support level: 0.8925, 0.8855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following the prior break above from the previous resistance level at 70.65. MACD which illustrated increasing bullish momentum suggests the commodity extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 70.65, 67.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 2030.10, 2049.30<\/p>\n

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

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

16 May 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   EUR lifted up after the economic outlook improved. consumer The Euro which was traded against the greenback, was lifted yesterday after the European Commission delivered an optimistic spring 2023 economic forecast.\u00a0 The economic outlook for 2023 and 2024 was revised up to 1.0% and 1.7%, respectively, from 0.8% […]<\/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\/323325"}],"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=323325"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/323325\/revisions"}],"predecessor-version":[{"id":323365,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/323325\/revisions\/323365"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=323325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=323325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=323325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}