{"id":328383,"date":"2023-06-09T06:27:39","date_gmt":"2023-06-09T06:27:39","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=328383"},"modified":"2023-06-09T06:28:05","modified_gmt":"2023-06-09T06:28:05","slug":"090623-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/090623-afternoon-session-analysis\/","title":{"rendered":"090623 Afternoon Session Analysis"},"content":{"rendered":"

09 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

Euro climbs despite downbeat EU GDP data.<\/strong><\/span><\/p>\n

The pair of EUR against the dollar index climbed higher despite downbeat GDP data released by Eurostat on Thursday. Eurozone Gross Domestic Product (GDP) was growth to 1.0%, lower than the estimation of growth of 1.3%, Eurostat data showed. Slow economic growth in the European Union has been hurt after German officials indicated that the bloc’s largest economy would enter recession early in 2023 According to a survey in Germany, consumer spending accounts for half of Germany’s GDP. After being hit by high inflation, consumers are cautious and reduce spending. Nonetheless, a slowing down of the eurozone economy cannot limit the gains of the pair of EURUSD. Eurostat said that employment remains in tightened conditions with a growth accelerated at the start of 2023, rising to 0.6% in the first quarter from 0.3% in the fourth quarter of 2022, in line with economist estimation. Moreover, price pressure and inflation data in the EU were reduced, but not enough to deter the ECB from continuing to tighten its monetary policy. Following that, ECB President Christine Lagarde make her hawkish tone in the early week and said that \u201cit was too early to call a peak in core inflation\u201d. The message prompted investors that the central bank will raise the interest rate again at the upcoming meeting.\u00a0 As of writing, the EUR\/USD traded down by -0.05% to 1.0779.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices depreciated by -0.53% to $70.91 per barrel as weak economic data from China will erode simple oil demand.\u00a0 Besides, gold prices slipped by -0.04% to $1964.90 per troy ounce as the dollar strengthened.<\/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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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>\nCAD – Employment Change (May)<\/td>\n41.4K<\/td>\n23.2K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing for the resistance level at 103.35. MACD which illustrated diminishing bearish momentum suggests the index to extend its gains after it successfully breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 103.35, 103.80<\/p>\n

Support level: 102.90, 102.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.2565, 1.2615<\/p>\n

Support level: 1.2520, 1.2470<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following the prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.0760.<\/p>\n

 <\/p>\n

Resistance level: 1.0840, 1.0915<\/p>\n

Support level: 1.0760, 1.0670<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following the prior rebound from the support level at 138.70. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 140.20.<\/p>\n

 <\/p>\n

Resistance level: 140.20, 141.40<\/p>\n

Support level: 138.70, 137.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following the prior breaks below the previous support level at 0.6700. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.6700, 0.6770<\/p>\n

Support level: 0.6615, 0.6525<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following the prior retracement from the resistance level at 0.6135. However, MACD which illustrated bullish momentum suggests the pair undergoes a technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6105, 0.6215<\/p>\n

Support level: 0.5995, 0.5880<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following the prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains toward the resistance level at 1.3375.<\/p>\n

 <\/p>\n

Resistance level: 1.3375, 1.3425<\/p>\n

Support level: 1.3335, 1.3300<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following the prior rebound from the support level at 0.8985. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9040, 0.9105<\/p>\n

Support level: 0.8985, 0.8940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following the prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggests the commodity to extend its losses toward the support level at 70.40.<\/p>\n

 <\/p>\n

Resistance level: 71.35, 73.15<\/p>\n

Support level: 70.40, 69.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following the prior retracement from the resistance level at 1968.40. MACD which illustrated diminishing bullish momentum suggests the commodity to extend its losses toward the support level.<\/p>\n

 <\/p>\n

Resistance level: 1968.40, 1982.50<\/p>\n

Support level: 1955.50, 1938.95<\/p>\n

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

09 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   Euro climbs despite downbeat EU GDP data. The pair of EUR against the dollar index climbed higher despite downbeat GDP data released by Eurostat on Thursday. Eurozone Gross Domestic Product (GDP) was growth to 1.0%, lower than the estimation of growth of 1.3%, Eurostat data showed. Slow economic […]<\/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\/328383"}],"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=328383"}],"version-history":[{"count":2,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/328383\/revisions"}],"predecessor-version":[{"id":328443,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/328383\/revisions\/328443"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=328383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=328383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=328383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}