Alibaba tries to recoup losses - Analysis - 02-08-2022
Alibaba's stock (BABA) rose amid attempts to recoup some recent losses while venting off oversold saturation in the RSI, marking a profit of 1.09%, or 97 cents, and settling at 90.34, with trading volumes surpassing 36 million shares, above 10-day averages of 27 million shares, amid the dominance of the main downward trend in the medium term, with negative pressure from the 50-day SMA.
The giant tech company asserted it'll maintain its listing in both New York and Hong Kong and the SEC in the US put the company under risk of expelling lists.
Therefore we expect the stock to return lower, targeting the pivotal support of 81.80, provided the resistance of 102.70 holds on.
Expected trend for today: Bearish
Midday update for the NZDUSD 02-08-2022
The NZDUSD pair traded with strong negativity to break 0.6320 level and heads to decline in the upcoming sessions, targeting 0.6257 level mainly, noting that breaking this level will extend the bearish wave to reach 0.6180 as a next negative target.
Therefore, the bearish bias will be suggested in the upcoming sessions unless breaching 0.6320 and holding above it.
The expected trading range for today is between 0.6230 support and 0.6330 resistance
The expected trend for today: Bearish for the rest of the day
Midday update for the AUDUSD 02-08-2022
The AUDUSD pair faced strong negative pressure to break 0.6980 level to approach 0.6910 level, to hint heading to turn to decline, noting that breaking the last level will push the price to achieve more decline and stop the recent bullish correction, while breaching 0.6980 represents the key to resume the bullish wave again.
Therefore, we prefer to stay aside until the price confirms breaking 0.6910 support or breaching 0.6980 resistance to detect its next destination clearly.
The expected trading range for today is between 0.6870 support and 0.7000 resistance
The expected trend for today: Neutral
Midday update for Brent oil 02-08-2022
Brent oil price resumes its negative trades to press on 102.25 level, waiting to break this level to confirm rallying towards our next negative target at 99.25, supported by the negative pressure formed by the EMA50, to keep our bearish overview unless breaching 104.30 and holding above it.
The expected trading range for today is between 100.00 support and 105.00 resistance.
The expected trend for today: Bearish