USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Stock market: Alibaba faces an obstacle
SELL 175.50; TP 168.00; SL 177.00
SELL 163.00; TP 155.00; SL 166.00
BUY 181.00; TP 188.00; SL 178.00
Last week the stock of Alibaba rallied. The price moves close to the resistance line connecting April and July highs and the 100-week MA in the 175.00 area. The third time the price approaches this line is a potentially good moment for entering short positions. Keep an eye on reversal patterns in the 175.00/176.00 area. The downside targets will be around 167.70 (50-day MA). The decline below the 50-week MA at 163.70 will open the way down to 155.00 (support line).
On the upside, we will turn bullish in case of a break above 180.00 (July high). The target will be around 188.00.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
There has been some movement in the EUR/USD chart. What's happening?
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
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