{"id":339309,"date":"2023-08-03T06:12:53","date_gmt":"2023-08-03T06:12:53","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=339309"},"modified":"2023-08-03T06:17:02","modified_gmt":"2023-08-03T06:17:02","slug":"030823-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030823-afternoon-session-analysis\/","title":{"rendered":"030823 Afternoon Session Analysis"},"content":{"rendered":"

3 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

Eurozone\u2019s PMI fell for 6th<\/sup> consecutive month in July, EUR plunged.<\/strong><\/span><\/p>\n

Euro (EUR), which was widely traded by global investors, dropped after the Eurozone manufacturing PMI data was released. Eurozone\u2019s manufacturing PMI has been fell for six consecutive month in July, decreased from 43.4 to 42.7, matched with the market forecast. This is the thirteenth month in a row that PMI data remained below 50, which represented there were around 1 year that the Eurozone manufacturing sector has stopped expanding. Besides that, according to Eurostat, the unemployment rate remained the same at 6.4%, below the market forecast of 6.5%. Although the unemployment rate were decreasing, but the labor market pressure eased. On the other hand, Germany, as the Eurozone\u2019s largest economic country, released disappointing HCOB PMI, where it decreased from 40.6 to 38.8, matched with the market forecast. The German\u2019s manufacturing sector weakened further amid the deterioration of demand, quantity of new order declined sharply. As the European Central Bank (ECB) stated that they will be open-minded to decide the upcoming interest decision, all these underperformed economic data may lead ECB member to shift its stance from hawkish to dovish. As of writing, EUR\/USD dropped -0.03% to 1.0930.<\/p>\n

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In the commodities market, crude oil prices rose 0.33% to 79.70 per barrel amid by the EIA crude oil inventories has decreased to -17 million, below the market forecast. Besides, gold prices rose 0.12% to 1936.90 per troy amid the investors gained confident for US dollar following the release of outstanding economic data, therefore investors chose to leave the \u201csafe heaven\u201d asset and invest into dollar.<\/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

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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\u00a0 BoE MPC Meeting Minutes<\/p>\n

19:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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\u00a0 BoE Gov Bailey Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
19:00<\/td>\nGBP \u2013 BoE Interest Rate Decision (Aug)<\/td>\n5.00%<\/td>\n5.25%<\/td>\n\u2013<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n221K<\/td>\n227K<\/td>\n\u2013<\/td>\n<\/tr>\n
21:45<\/td>\nUSD \u2013 S&P Global US Services PMI (Jul)<\/td>\n52.4<\/td>\n52.4<\/td>\n\u2013<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Jul)<\/td>\n53.9<\/td>\n53.0<\/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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\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher while testing the resistance level at 102.35. MACD which illustrated increasing bullish momentum suggests the index to extend its gains after it breakout the resistance level.<\/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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\"\"<\/p>\n

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

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

Support level: 1.2670, 1.2525<\/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. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.0835.<\/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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\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following the prior breakout above the previous resistance level at 143.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 144.85<\/p>\n

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Resistance level: 144.85, 146.25<\/p>\n

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

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\"\"<\/p>\n


\nAUDUSD, Daily: <\/strong>AUDUSD was traded lower following the prior breakout below the previous support level at 0.6595. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level at 0.6510.<\/p>\n

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

Support level: 0.6510, 0.6410<\/p>\n

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\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while testing the support level at 0.6055. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses after breakout the support level.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n


\nUSDCAD, Daily: <\/strong>USDCAD was traded higher following the prior after breakout above the previous resistance level at 1.3295. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains toward the resistance level at 1.3425.<\/p>\n

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Resistance level: 1.3435, 1.3525<\/p>\n

Support level: 1.3295, 1.3110<\/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

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

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

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\"\"<\/p>\n


\nCrudeOIL, Daily: <\/strong>Crude oil price was traded lower while testing the support level at 79.70. MACD which illustrated decreasing bullish momentum suggests the commodity to extend its losses after breakout the support level.<\/p>\n

 <\/p>\n

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

Support level: 77.15, 73.80<\/p>\n

 <\/p>\n

 <\/p>\n

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\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower following the prior breakout below the previous support level at 1940.20. MACD which illustrated increasing bearish momentum suggests the commodity to extend its losses toward the support level at 1910.80.<\/p>\n

 <\/p>\n

Resistance level: 1940.20, 1971.45<\/p>\n

Support level: 1910.80, 1877.10<\/p>\n","protected":false},"excerpt":{"rendered":"

3 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 Eurozone\u2019s PMI fell for 6th consecutive month in July, EUR plunged. Euro (EUR), which was widely traded by global investors, dropped after the Eurozone manufacturing PMI data was released. Eurozone\u2019s manufacturing PMI has been fell for six consecutive month in July, decreased from 43.4 to 42.7, matched with […]<\/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\/339309"}],"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=339309"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/339309\/revisions"}],"predecessor-version":[{"id":339355,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/339309\/revisions\/339355"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=339309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=339309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=339309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}