{"id":328677,"date":"2023-06-12T05:25:41","date_gmt":"2023-06-12T05:25:41","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=328677"},"modified":"2023-06-12T05:25:41","modified_gmt":"2023-06-12T05:25:41","slug":"120623-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120623-afternoon-session-analysis\/","title":{"rendered":"120623 Afternoon Session Analysis"},"content":{"rendered":"

12 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

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US dollar at a standstill as US CPI looms.<\/span><\/strong><\/p>\n

The dollar index, which was traded against a basket of six major currencies, hovered near the lowest level in two weeks as the investors remained cautious ahead of a crucial week, where the long-awaited CPI and Fed\u2019s interest rate decision will be released on Tuesday and Thursday, respectively.\u00a0 Since last year\u2019s March, the Fed has been increasing the official cash rates by more than ten times consecutively.\u00a0 The core intention of the rate-hiking still remained the same, whereby 2% is still the long-term inflation target of the Fed. With that, the investors expect the high-interest rate would cool down the inflation rate from the prior month\u2019s reading of 4.9% to a lower level.\u00a0 Besides, according to the CME FedWatch Tool, the probability of the Fed maintaining the interest rate at the current level is at 73.6%, whereas the chances of implementing another 25 basis points rate hike are at 26.4%.\u00a0 It is noteworthy to highlight that investors are suggested to relook at the FedWatch Tool again following the release of the CPI data, as it would make a huge difference in the target rate probabilities.\u00a0 A lower-than-expected inflation rate would diminish the likelihood of a further rate hike in the upcoming meeting.\u00a0 As of writing, the dollar index is up by 0.09% to 103.65.<\/p>\n

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In the commodities market, crude oil prices edged down -1.24% to $69.40 per barrel as the possibility of Iran reaching a nuclear deal with the US surged.\u00a0\u00a0 Besides, gold prices were down by -0.24% to $1956.30 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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\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 King\u2019s Birthday<\/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

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 103.00. MACD which illustrated bearish bias momentum suggests the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 105.00, 106.65<\/p>\n

Support level: 103.00, 100.65<\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded higher following the prior breakout above the previous resistance level at 1.2525. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2645.<\/p>\n

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Resistance level: 1.2645, 1.2765<\/p>\n

Support level: 1.2525, 1.2405<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower following the prior retracement from the resistance level at 1.0770. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0665.<\/p>\n

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Resistance level: 1.0770, 1.0915<\/p>\n

Support level: 1.0665, 1.0575<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 138.95. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 138.95.<\/p>\n

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Resistance level: 141.60, 144.85<\/p>\n

Support level: 138.95, 137.60<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher following the prior breakout above the previous resistance level at 0.6675. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6785.<\/p>\n

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Resistance level: 0.6785, 0.6925<\/p>\n

Support level: 0.6675, 0.6565<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior rebound from the support level at 0.6040. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6150.<\/p>\n

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Resistance level: 0.6150, 0.6290<\/p>\n

Support level: 0.6040, 0.5925<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3330. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1.3395, 1.3485<\/p>\n

Support level: 1.3330, 1.3245<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded higher following the prior rebound from the support level at 0.8980. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.<\/p>\n

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Resistance level: 0.9140, 0.9330<\/p>\n

Support level: 0.8980, 0.8835<\/p>\n

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CrudeOIL, Daily: <\/strong>Crude oil price was traded lower while currently testing the support level at 70.15. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 73.90, 77.15<\/p>\n

Support level: 70.15, 66.50<\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded lower while currently testing the support level at 1951.60. MACD which illustrated diminishing bullish momentum suggests the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1980.00, 2020.70<\/p>\n

Support level: 1951.60, 1889.55<\/p>\n

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

12 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   US dollar at a standstill as US CPI looms. The dollar index, which was traded against a basket of six major currencies, hovered near the lowest level in two weeks as the investors remained cautious ahead of a crucial week, where the long-awaited CPI and Fed\u2019s interest rate […]<\/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\/328677"}],"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=328677"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/328677\/revisions"}],"predecessor-version":[{"id":328717,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/328677\/revisions\/328717"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=328677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=328677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=328677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}