{"id":327191,"date":"2023-06-02T06:29:43","date_gmt":"2023-06-02T06:29:43","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=327191"},"modified":"2023-06-02T06:30:20","modified_gmt":"2023-06-02T06:30:20","slug":"020623-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020623-afternoon-session-analysis\/","title":{"rendered":"020623 Afternoon Session Analysis"},"content":{"rendered":"

02 June 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

 <\/p>\n

The EURUSD soars despite eurozone inflation dipped.<\/strong><\/span><\/p>\n

The pair of the Euro against the dollar index soared despite eurozone inflation showing some sign of price pressure has eased. The Eurozone Consumer Price Index (CPI), data announced by Eurostat yesterday, was eased from 7.0% to 6.1%, slipped more than market expectations for 6.3%. While the Core goods price index which measures excluding food, energy, alcohol and tobacco eased to 5.3% from 5.6%, lower than the market expectation of 5.5%. CPI and core CPI data prompted the central bank to pause it’s tightening action for the upcoming monetary policy decision, but central bank governor Christine Lagarde followed with her hawkish statement. In her speech, Lagarde mentioned that inflation in the eurozone was too high and would last for too long, so the European Central Bank decided to further tighten monetary policy until inflation returned to the European Central Bank’s 2% annual target range. On the other hand, the greenback traded under sell-off pressure after the Fed\u2019s member, Patrick Harker recommends a rate paused at the next meeting. With such a backdrop, the dollar weakened and support the Euro. As of writing, the EUR\/USD edged up by 0.06% to 1.0768.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices were traded up by 0.66% to $70.56 per barrel as bullish sentiment following the Congress approves the US debt ceiling bill. Besides, gold prices lifted up by 0.26% to $1982.61 per troy ounce as investors eyed non-farm payroll data.<\/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

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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

N\/A<\/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
20:30<\/td>\nUSD – Average Hourly Earnings (MoM) (May)<\/td>\n0.5%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Nonfarm Payrolls (May)<\/td>\n253K<\/td>\n180K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Unemployment Rate (May)<\/td>\n3.4%<\/td>\n3.5%<\/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 the breaks below the previous support level at 103.75. MACD which illustrated bearish momentum suggests the index extended its losses toward the support level at 102.85.<\/p>\n

 <\/p>\n

Resistance level: 103.75, 104.45<\/p>\n

Support level: 102.85, 102.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following the prior breaks above the previous resistance level at 1.2445. However, MACD which illustrated diminishing bullish momentum suggests the pair undergoes a technical correction in the short term.<\/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. However, MACD which illustrated diminishing bullish momentum suggests the pair undergoes a technical correction in the short term.<\/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 the prior retracement from the resistance level at 139.80. MACD which illustrated bearish momentum suggests the pair extended its losses toward the support level at 138.15.<\/p>\n

 <\/p>\n

Resistance level: 139.80, 141.60<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following the prior breaks above the previous resistance level at 0.6600. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6675, 0.6775<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following the prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggests the pair extended its gains towards the resistance level at 0.6120<\/p>\n

 <\/p>\n

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

Support level: 0.6050, 0.5980<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded following the prior breaks below the previous support level at 1.3515. However, MACD which illustrated diminishing bearish momentum suggests the pair undergoes a technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 1.3515, 1.3590<\/p>\n

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

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

Support level: 0.9005, 0.8925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 70.65, 73.20<\/p>\n

Support level: 67.00, 63.85<\/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 at 1985.50<\/p>\n

 <\/p>\n

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

Support level: 1954.90, 1928.15<\/p>\n

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

02 June 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   The EURUSD soars despite eurozone inflation dipped. The pair of the Euro against the dollar index soared despite eurozone inflation showing some sign of price pressure has eased. The Eurozone Consumer Price Index (CPI), data announced by Eurostat yesterday, was eased from 7.0% to 6.1%, slipped more than […]<\/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\/327191"}],"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=327191"}],"version-history":[{"count":2,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/327191\/revisions"}],"predecessor-version":[{"id":327241,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/327191\/revisions\/327241"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=327191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=327191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=327191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}