Alibaba (BABA): Could we expect a move towards $113?

AAATrade Team AAATrade

Today’s instrument is the Alibaba Group Holding Ltd ‘s stock traded in NYSE exchange under the ticker BABA.

When we look at the BABA ‘s chart, we see its run from the $114 range on at the start of last week, to the $118 range, briefly reaching highs of $120 but then experiencing a retraction to the $109 where it formed support. During Friday’s session the market bought the dip raising it form the $109 to the $120, but once again it erased all its gains before the close of the session. It was last found trading at $110 range, having closest support level at $109 and temporary overhead resistance level at $113.

Today we can expect a move towards the $113 or a consolidation at the current level.

If, however, it doesn’t manage to hold on to the current level then a move towards and below the $109 closest support level can be expected.

Author

AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

USD/JPY bulls pause near 160.75 amid intervention risks

USD/JPY is consolidating below 160.75 in Thursday's Asian trading, with intervention fears lending support to the Japanese Yen and capping the pair's upside amid a modest US Dollar downtick. The signing of a US-Iran peace deal to end the war and reopen the Strait of Hormuz undermines the Greenback's reserve-currency status.

AUD/USD rebounds toward 0.7050 on US-Iran deal optimism

AUD/USD bounces back toward 0.7050 in the Asian session on Thursday as the US Dollar retreats from its highest level since late March, touched in reaction to the Fed's hawkish tilt the previous day. The US and Iran electronically signed a MoU aimed at ending the war and reopening the Strait of Hormuz, boosting investors' confidence and undermining the safe-haven USD.

$4,300 reclaimed: Gold bounces as US-Iran peace deal signing offsets Fed’s hawkish hold

Gold is reversing the previous slump early Wednesday, regaining $4,300 after finding fresh buyers near $4,250. The US Dollar retreats as US-Iran peace deal optimism overshadows hawkish Fed outlook. Technically, Gold needs a sustained break above the 21-day SMA near $4,390 to revive the recovery.

Binance founder CZ urges governments to tokenize stock markets and launch sovereign stablecoins

Binance founder Changpeng Zhao has called on governments to tokenize their stock markets and issue sovereign stablecoins, arguing that blockchain technology can expand access to capital markets and increase the global use of national currencies. In an X post on Wednesday, CZ said countries should "tokenize their stocks, allowing worldwide buyers."

A new era for the Fed

The Fed has shifted to a more hawkish stance at the first meeting chaired by Kevin Warsh. Although rates were left unchanged, there will be meaningful adjustments to how the Federal Reserve operates in the coming months and years. There are two main takeaways from today’s meeting, firstly what the Fed did, and secondly, what they are planning to do.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.