Anticipating Non-Farm Statistics

Fundamentals

In New Zealand, the global dairy price index, a fairly important local indicator, was released at 2:04 PM GMT Tuesday.
The index was practically unchanged at 1.60% and therefore had no effect on the Kiwi in any way. Note that the next meeting of the Reserve Bank of New Zealand is scheduled for May 10, 2017. We’re assuming that the monetary officials will keep the current interest rate unchanged at 1.75%.
In the UK, the services PMI is being released today at 8:30 AM GMT.
Traders are expecting the Friday non-farm payroll release and of course will be monitoring the ADP National Employment Report to be released at 12:15 PM GMT Wednesday. FOMC meeting minutes are also being released at 6 PM GMT.

Stocks

In terms of earnings reports, Bed Bath and Beyond, traded on the NASDAQ, deserves attention. The EPS is expected to decline to $1.77. Don’t forget that the price has not yet closed the approximately 80-pip gap down formed on December 22, 2016. Thus, if the price starts to go up, its target will be just closing this gap.
The Dow Jones Industrial Average formed an inverted flag, which may signal a downtrend once the lower boundary is broken through and this move is confirmed. Note also that trading volumes have increased over the last few weeks. The price and the volumes are diverging slightly, which is also a signal of a possible further decline.

Currency Market

The EUR/NZD pair is trying to break through the 9-day EMA. In the short term, the pair is still trading sideways and the Bollinger Bands have narrowed and are moving sideways. The ADX has started to fall, signaling a dying trend. The DM is not giving any sell signals, so there's nothing we can say for sure for the time being. Technically, the pair is trading between 1.5200 and 1.5400. Many traders will consequently prefer to keep away from the market. The most aggressive traders may still attack the Kiwi and go long. This might be justified, given the mid-term weekly charts. However, we’d at least wait for a confirmation, if only a breakthrough in the EMA. Overall, the outlook is neutral.
The Aussie has started falling. On March 31, the bears received a DM signal as the lines crossed. The support might be at 0.7525, which is a 38.20% Fibonacci retracement. We can’t rule out that the bulls will try to form a double bottom at this support, although this is still premature.

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