{"id":338689,"date":"2023-08-01T07:08:29","date_gmt":"2023-08-01T07:08:29","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=338689"},"modified":"2023-08-01T07:38:44","modified_gmt":"2023-08-01T07:38:44","slug":"01082023-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/01082023-afternoon-session-analysis\/","title":{"rendered":"010823 Afternoon Session Analysis"},"content":{"rendered":"

1 August 2023\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

\u00a0<\/strong><\/p>\n

EUR dropped as CPI and GDP data released.<\/strong><\/span><\/p>\n

Euro (EUR), which was widely traded by global investors, dropped after Euro released CPI and GDP data. According to Eurostat, the EU CPI has decreased from 5.5% to 5.3%, matched with the market forecast. With that, it shows that the inflation in Euro zone is surely cooling down but still remain far away from the European Central Bank (ECB) target of 2%. However, there are no any firm ideas if ECB will increase or maintain its interest rate in September\u2019s interest rate decision due to ECB members carry open minded attitude toward the interest rate decisions. Besides that, Europe GDP has increased from 0.0% to 0.3%, higher than the market forecast of 0.2%. These economic data showed that Euro consumer spending still remained at high level, although the manufacturing activities declined further last month. On the other hand, US has reported a series of outstanding economic data, such as US GDP and initial jobless claim. Initially, the market forecasted US GDP will provide a downbeat result, but it turned out a surprisingly good result, which has eventually led to a spike in dollar index. In term of the current economic condition, US economy is performing far better than Eurozone\u2019s, dragging the currency pair EUR\/USD downward. As of writing, the EUR\/USD dropped -0.06% by 1.0985.<\/p>\n

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In the commodities market, crude oil prices dropped -0.12% to $81.65 per barrel as a short-term retracement following a spike caused by the better-than-expected China PMI data. Besides, gold prices dropped -0.23% to $1960.90 per troy amid the strengthening of US Dollar with the backdrop of upbeat economic data.<\/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 CHF\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 National Day<\/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\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nEvent<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:55<\/td>\nEUR \u2013 HCOB Germany Manufacturing PMI (Jul)<\/td>\n40.6<\/td>\n38.8<\/td>\n\u2013<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 S&P Global\/CIPS UK Manufacturing PMI (Jul)<\/td>\n46.5<\/td>\n45.0<\/td>\n\u2013<\/td>\n<\/tr>\n
16:30<\/td>\nCrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n1.319M<\/td>\n\u2013<\/td>\n\u2013<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Unemployment Rate (Jun)<\/td>\n6.5%<\/td>\n6.5%<\/td>\n\u2013<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Jul)<\/td>\n46.0<\/td>\n46.5<\/td>\n\u2013<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 JOLTs Job Openings (Jun)<\/td>\n9.824M<\/td>\n9.620M<\/td>\n\u2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following the prior breakout above the previous resistance level at 101.55. MACD which illustrated increasing bullish momentum suggests the index to extend its gains toward the resistance level at 102.35.<\/p>\n

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Resistance level: 102.35, 103.15<\/p>\n

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

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower while testing the support level at 1.2827. However, MACD which illustrated decreasing bearish momentum suggest the pair to undergo technical correction in short term.<\/p>\n

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Resistance level: 1.2827, 1.3000<\/p>\n

Support level: 1.2670, 1.2525<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower following the prior breakout below the previous support level at 1.1010. However, MACD which illustrated decreasing bearish momentum suggest the pair to undergo technical correction in short term.<\/p>\n

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Resistance level: 1.1010, 1.1185<\/p>\n

Support level: 1.0835, 1.0680<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded higher following the prior after breakout above the previous resistance level at 141.90. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 143.00.<\/p>\n

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Resistance level: 141.90, 143.00<\/p>\n

Support level: 140.25, 138.70<\/p>\n

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\nAUDUSD, Daily: <\/strong>AUDUSD was traded lower while testing the support level at 0.6695. However, MACD which illustrated decreasing bearish momentum suggests the pair to undergo technical correction in short term.<\/p>\n

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Resistance level: 0.6785, 0.6880<\/p>\n

Support level: 0.6695, 0.6595<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior after breakout the previous resistance 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

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

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

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\nUSDCAD, Daily: <\/strong>USDCAD was traded flat above the support level at 1.3110. MACD which illustrated decreasing bullish momentum suggests the pair to extend its losses toward the support level at 1.3110.<\/p>\n

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

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

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\nUSDCHF, Daily: <\/strong>USDCHF was traded higher following the prior breakout above the previous resistance level at 0.8710. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains toward the resistance level at 0.8855<\/p>\n

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Resistance level: 0.8855, 0.8995<\/p>\n

Support level: 0.8710, 0.8545<\/p>\n

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\nCrudeOIL, Daily: <\/strong>Crude oil price was traded higher following the prior after breakout above the previous resistance level at 79.70. MACD which illustrated increasing bullish momentum suggests the commodity to extend its gains toward the resistance level at 85.35.<\/p>\n

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Resistance level: 82.50, 85.35<\/p>\n

Support level: 79.70, 77.25<\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded flat above the support level at 1940.20. MACD are lack of signal due to the momentum are weak, recommend wait for the signal appear only entry the market.<\/p>\n

 <\/p>\n

Resistance level: 1971.45, 2003.60<\/p>\n

Support level: 1940.20, 1910.80<\/p>\n","protected":false},"excerpt":{"rendered":"

1 August 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis \u00a0 EUR dropped as CPI and GDP data released. Euro (EUR), which was widely traded by global investors, dropped after Euro released CPI and GDP data. According to Eurostat, the EU CPI has decreased from 5.5% to 5.3%, matched with the market forecast. With that, it shows that the […]<\/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\/338689"}],"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=338689"}],"version-history":[{"count":2,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/338689\/revisions"}],"predecessor-version":[{"id":338837,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/338689\/revisions\/338837"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=338689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=338689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=338689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}