{"id":337751,"date":"2023-07-27T06:23:10","date_gmt":"2023-07-27T06:23:10","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=337751"},"modified":"2023-07-27T06:23:10","modified_gmt":"2023-07-27T06:23:10","slug":"270723-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/270723-afternoon-session-analysis\/","title":{"rendered":"270723 Afternoon Session Analysis"},"content":{"rendered":"

27 July 2023\u00a0\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

Aussie dollar slipped after inflation cooling down.<\/strong><\/span><\/p>\n

Aussie (AUD), which was widely traded by global investors, slipped as CPI data fell more than the market forecast. According to the Australian Statistician, the second quarter CPI decreased from 7.0% to 6.0%, below the market forecast of 6.2%. The Australian economy was softening dramatically, the pace of inflation has peaked and is moderating quickly, and the Reserve Bank of Australia (RBA) targets 2-3% of inflation by mid-2025. The economic condition for Australia is complicated due to consumers and businesses are losing confidences, but the labor market still remains tight. In the next RBA meeting, investors expect the central bank might raise another 25 basis points (bps) before rate pause in the future. With that being said, the pair of AUD\/USD rebounded significantly following the US FOMC Press Conference. Yesterday, the Fed raised interest rate by 25 bps as market forecasted. Also, Jerome Powell said the coming interest rate decision would be data-dependent, while the Fed will still bias toward prolonged \u2018hawkish hold\u2019. The FOMC statement showed the assessment of the economic activity is at \u201cmoderate pace\u201d, compared to June\u2019s \u201cmodest\u201d pace. As of writing, AUD\/USD rose 0.70% to 0.6800.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices rose 1.19% to $79.65 per barrel due to crude inventories drew by 600,000 barrels last week and the weakening of the US Dollar. Besides, gold prices rose 0.34% to $1978.60 per troy amid the weakening of the US Dollar.<\/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

20:15\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 ECB Monetary Policy Statement<\/p>\n

20:45\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 ECB Press Conference<\/p>\n

22:15\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 ECB President Lagarde Speaks<\/p>\n

 <\/p>\n

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

Time<\/strong><\/p>\n<\/td>\n

Event<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:15<\/td>\nEUR \u2013 ECB Interest Rate Decision (Jul)<\/td>\n4.00%<\/td>\n4.25%<\/td>\n\u2013<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM) (Jun)<\/td>\n0.6%<\/td>\n0.1%<\/td>\n\u2013<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 GDP (QoQ) (Q2)<\/td>\n2.0%<\/td>\n1.7%<\/td>\n\u2013<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n228K<\/td>\n235K<\/td>\n\u2013<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Pending Home Sales (MoM) (Jun)<\/td>\n-2.7%<\/td>\n-0.6%<\/td>\n\n

\u2013<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

Technical Analysis\u00a0<\/u><\/strong><\/p>\n

 <\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following the prior breakout the previous support level at 100.80. However, MACD which illustrated increasing bullish momentum suggests the index to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 100.80, 101.55<\/p>\n

Support level: 98.90, 97.75<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher following the prior breakout above the previous resistance level at 1.2835. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3000.<\/p>\n

 <\/p>\n

Resistance level: 1.3000, 1.3180<\/p>\n

Support level: 1.2835, 1.2670<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following the prior rebounded from the support level at 1.1010. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1185.<\/p>\n

 <\/p>\n

Resistance level: 1.1185, 1.1355<\/p>\n

Support level: 1.1010, 1.0835<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following the prior breakout below the previous support level at 140.25. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses toward the support level at 138.70<\/p>\n

 <\/p>\n

Resistance level: 140.25, 141.90<\/p>\n

Support level: 138.70, 137.55<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nAUDUSD, Daily: <\/strong>AUDUSD was traded higher following the prior breakout above the previous resistance level at 0.6785. MACD which illustrated decreasing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.6880<\/p>\n

 <\/p>\n

Resistance level: 0.6880, 0.7015<\/p>\n

Support level: 0.6785, 0.6695<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nNZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior rebound from the support level at 0.6160. MACD which illustrated decreasing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.6280.<\/p>\n

 <\/p>\n

Resistance level: 0.6280, 0.6380<\/p>\n

Support level: 0.6160, 0.6055<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nUSDCAD, Daily: <\/strong>USDCAD was traded flat above the support level at 1.3110. Due to lack of signal for MACD it is recommended to wait for the signal only entry the market order.<\/p>\n

 <\/p>\n

Resistance level: 1.3295, 1.3435<\/p>\n

Support level: 1.3110, 1.2975<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nUSDCHF, Daily: <\/strong>USDCHF was traded lower following the prior retracement from the resistance level at 0.8710. However, MACD which illustrated increasing bullish momentum suggests the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.8710, 0.8855<\/p>\n

Support level: 0.8545, 0.8360<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nCrudeOIL, Daily: <\/strong>Crude oil price was traded higher while testing the resistance level at 79.70. MACD which illustrated increasing bullish momentum suggests the commodity to extend its gains after it breakout the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 79.70, 82.55<\/p>\n

Support level: 77.25, 73.75<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nGOLD_, Daily: <\/strong>Gold price was traded higher following the prior breakout above the previous resistance level at 1971.45. MACD which illustrated increasing bullish momentum suggests the commodity to extend its gains toward the resistance level at 2003.60.<\/p>\n

 <\/p>\n

Resistance level: 2003.60, 2048.95<\/p>\n

Support level: 1971.45, 1940.20<\/p>\n","protected":false},"excerpt":{"rendered":"

27 July 2023\u00a0\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   Aussie dollar slipped after inflation cooling down. Aussie (AUD), which was widely traded by global investors, slipped as CPI data fell more than the market forecast. According to the Australian Statistician, the second quarter CPI decreased from 7.0% to 6.0%, below the market forecast of 6.2%. The Australian […]<\/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\/337751"}],"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=337751"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/337751\/revisions"}],"predecessor-version":[{"id":337843,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/337751\/revisions\/337843"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=337751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=337751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=337751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}