{"id":23772,"date":"2021-10-05T09:39:27","date_gmt":"2021-10-05T06:39:27","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=23772"},"modified":"2024-11-20T14:25:25","modified_gmt":"2024-11-20T12:25:25","slug":"facebook-drops-4-on-outage-hate-speech-issues","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ms\/facebook-drops-4-on-outage-hate-speech-issues\/","title":{"rendered":"Facebook drops 4% on outage, hate speech issues"},"content":{"rendered":"<p>Facebook\u2019s (#FB) share price dived over 4% lower yesterday as its services including Instagram, WhatsApp, Messenger and Oculus experienced an outage, with the downtime being reported as over six hours causing considerable turmoil for its users. According to Facebook the outage was caused by a configuration issue and the company believes that no user data were affected by it. It should be noted that the social media company faces renewed issues about hateful content after a whistleblower revealed that Facebook did not deal with such content in an adequate manner. Yet the company stated that \u201cto suggest we encourage bad content and do nothing is just not true\u201d. We would like to see how the situation plays out for Facebook, yet we note that other mega-cap tech shares like Apple (#AAPL), Amazon (#AMZN), and Alphabet (#GOOG) seem to be on the retreat, practically dragging Nasdaq lower as well. <\/p>\n\n\n\n<p>Facebook\u2019s (#FB) share price plunged yesterday bouncing on the 322.50 (S1) support line. We tend to maintain a bearish outlook for the share\u2019s price as long as it remains below the downward trendline incepted since the 19<sup>th<\/sup> of September. It should be noted that the RSI indicator below our 4-hour chart has dropped below the reading of 30, confirming the dominance of the bears, yet at the same time may imply that the share is oversold and a correction higher could come into play. Should the bears actually maintain control over the share\u2019s price, we may see it breaking the 322.50 (S1) support line and aim for the 315.70 (S2) level. Should a correction higher be performed and the bulls take over, we may see the share\u2019s price actually breaking the 329.15 (R1) resistance line, the prementioned downward trendline and aim for the 338.00 (R2). <\/p>\n\n\n\n<p><strong>RBNZ to hike rates<\/strong><\/p>\n\n\n\n<p>Tomorrow during the Asian session, we get RBNZs\u2019 interest rate decision, and the bank is widely expected to hike rates by 25 basis points. It\u2019s characteristic that NZD OIS imply a probability of 94% for the bank to raise rates from current 0.25% to 0.50%. But given that that scenario was also expected at their last meeting, end of August and failed to materialize, we remain rather cautious. Worries about Auckland\u2019s current lockdown seem to continue, yet there are some signs of a possible easing from Wednesday on. Should the bank not hike rates, which could surprise the markets, we may see NZD weakening considerably, as it did at the bank\u2019s last meeting. Should on the other hand the bank actually hike rates as expected, NZD could gain yet attention may also be placed to the accompanying statement. Should RBNZ Governor Adrian Orr, imply that given the uncertainty of the situation regarding Covid in New Zealand, a measured approach to future rate hikes should be adopted, we may see the Kiwi\u2019s strengthening being capped and that is expected to be our base line scenario. On the other hand, should the statement\u2019s tone allow for a more aggressive approach regarding future rate hikes, we may see the NZD rallying.<\/p>\n\n\n\n<p>NZD\/USD dropped yesterday after failing to reach the 0.6985 (R1) resistance line. Given that in its drop the pair broke the upward trendline guiding it since the 30<sup>th<\/sup> of September, we switch our bullish outlook in favour of a bias for a sideways movement, for the time being. However RBNZ\u2019s interest rate decision could alter the pair\u2019s movement to either direction. Should the correction lower be transformed to a selling interest, we may see the pair breaking the 0.6935 (S1) support line and aim for the 0.6860 (S2) level. Should buyers take over, we may see the pair aiming if not breaking the 0.6985 (R1) resistance level. &nbsp;<\/p>\n\n\n\n<p><strong>Today\u2019s events and expectations<\/strong><\/p>\n\n\n\n<p>Today among a number of releases we note the US and Canada\u2019s trade balance for August and the US ISM non manufacturing PMI for September. As for speakers we note ECB President Lagarde in the American session and BoJ Governor Kuroda in tomorrow\u2019s Asian session. <\/p>\n\n\n\n<p><strong>#FB H4 Chart&nbsp;<\/strong><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/05-10-2021\/fb-10-05-2021.png\"alt=\"support at three hundred twenty two and a half and resistance at three hundred twenty nine point one five, direction downward   \" title=\"FB-four-hour-chart\"><\/p>\n\n\n\n<p>Support: 322.50 (S1), 315.70 (S2), 308.50 (S3)<\/p>\n\n\n\n<p>Resistance: 329.15 (R1), 338.00 (R2), 345.00 (R3)<\/p>\n\n\n\n<p><strong>NZD\/USD H4 Chart&nbsp;<\/strong><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/05-10-2021\/nzd-usd-10-05-2021.png\"alt=\"support at zero point six nine three five and resistance at zero point six nine eight five, direction sideways \" title=\"nzd-usd-four-hour-chart \"><\/p>\n\n\n\n<p>Support: 0.6935 (S1), 0.6860 (S2), 0.6805 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6985 (R1), 0.7040 (R2), 0.7095 (R3)<\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/05-10-2021\/benchmark-10-05-2021.PNG\"alt=\"Title\" title=\"benchmark-05-10-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/05-10-2021\/table-05-10-2021.PNG\"alt=\"Title\" title=\"table-05-10-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/Octpmber-2021\/05-10-2021\/morning-releases-10-05-2021.PNG\"alt=\"Title\" title=\"morning-releases-05-10-2021\"><\/p>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>Facebook\u2019s (#FB) share price dived over 4% lower yesterday as its services including Instagram, WhatsApp, Messenger and Oculus experienced an<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[348,328,351,338,364],"class_list":["post-23772","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-brokerage","tag-forex-trading","tag-news","tag-technical-analysis","tag-trades","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Facebook drops 4% on outage, hate speech issues<\/title>\n<meta name=\"description\" content=\"Facebook stock fell 4% after a major outage and renewed criticism. 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