{"id":338985,"date":"2023-08-02T05:57:42","date_gmt":"2023-08-02T05:57:42","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=338985"},"modified":"2023-08-02T06:37:54","modified_gmt":"2023-08-02T06:37:54","slug":"020823-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020823-afternoon-session-analysis\/","title":{"rendered":"020823 Afternoon Session Analysis"},"content":{"rendered":"

2 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

AUD weaken after surprise RBA interest rate decisions made<\/strong><\/span><\/p>\n

Aussie Dollar (AUD), which was widely traded by global investors, dropped after the announcement of maintaining interest rate decisions. According to the Reserve Bank of Australia (RBA), they decided to maintain the interest rate at 4.10%, but the market forecasted a hike of 25 basis points (bps) to 4.35%. The different results for market forecast and actual outcome caused the AUD to experience a drop as a correction. The recent Australian CPI data proved that inflation is cooling down, while the RBA is trying to prevent a recession in Australia. The condition of the labor market in Australia remains tight, although it eased a fair bit recently. On the other hand, the US has reported a series of outstanding economic data, such as US GDP and initial jobless claims. Although the recent PMI data did not exceed the market forecast but still performed better than the previous month. In the current situation, the US economic conditions are much better than Australia, dragging the currencies pair AUD\/USD downward. As of writing, AUD\/USD dropped -0.06% to 0.6605.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices spiked 1.06% to 82.25 per barrel amid by the API weekly crude oil stock showed a huge draw, therefore investors forecast the coming EIA inventories report will be negative too. Besides, gold prices rose 0.17% to 1947.40 per troy amid the US government credit rating has downgraded made investors lost confident on US dollar then dollar index dropped.<\/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

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n
Time<\/strong><\/td>\nEvent<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (Jul)<\/td>\n497K<\/td>\n188K<\/td>\n\u2013<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-0.600M<\/td>\n-0.071M<\/td>\n\u2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

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

 <\/p>\n

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 following the prior breakout below the previous support level at 1.2830. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.2670.<\/p>\n

 <\/p>\n

Resistance level: 1.2830, 1.3000<\/p>\n

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

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 <\/p>\n

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\"\"<\/p>\n

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

 <\/p>\n

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

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

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\"\"<\/p>\n

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

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Resistance level: 143.00, 144.85<\/p>\n

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

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\"\"<\/p>\n


\nAUDUSD, Daily: <\/strong>AUDUSD was traded lower while testing the support level at 0.6695. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses after it breakout the support level.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following the prior after breakout below the previous support level at 0.6160. MACD which illustrated decreasing bearish momentum suggests the pair to extend its losses toward the support level at 0.6055.<\/p>\n

 <\/p>\n

Resistance level: 0.6160, 0.6280<\/p>\n

Support level: 0.6055, 0.5935<\/p>\n

 <\/p>\n

 <\/p>\n

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\"\"<\/p>\n


\nUSDCAD, Daily: <\/strong>USDCAD was traded higher while testing the resistance level at 1.3295. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains after breakout the resistance level.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n


\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

 <\/p>\n

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

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

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n


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

 <\/p>\n

Resistance level: 82.55, 85.35<\/p>\n

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

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower following the prior retracement from the resistance level at 1971.45. MACD which illustrated increasing bearish momentum suggests the commodity to extend its losses toward the support level at 1940.20.<\/p>\n

 <\/p>\n

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

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

2 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 AUD weaken after surprise RBA interest rate decisions made Aussie Dollar (AUD), which was widely traded by global investors, dropped after the announcement of maintaining interest rate decisions. According to the Reserve Bank of Australia (RBA), they decided to maintain the interest rate at 4.10%, but the market […]<\/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\/338985"}],"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=338985"}],"version-history":[{"count":3,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/338985\/revisions"}],"predecessor-version":[{"id":339121,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/338985\/revisions\/339121"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=338985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=338985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=338985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}