Traders Looking forward to Non-Farm Payrolls

Fundamentals

Traders watched the ECB President Mario Draghi and the US President Donald Trump speaking Thursday.
In his speech, Draghi ended any speculation regarding ECB monetary easing and therefore an interest rate cut below zero. He also mentioned the positive economic environment in the Eurozone. The EUR/USD pair reacted fairly sharply to Draghi’s speech. The euro lost around 30 pips in an hour, getting down to 1.0629. In the next few hours of the trading session the euro attempted to win some losses back, but the bulls are currently not very successful.
The number of initial jobless claims released at 12:30 PM GMT Thursday fell to 234,000.
BOE Governor Mark Carney is speaking today at 9:00 AM GMT, and we emphatically recommend paying attention. The icing on the cake this week will naturally be the Non-Farm Payrolls report, which is expected to show an increase of 176,000.

Stocks

No meaningful statistics that could influence individual stock prices are released today.
The US stock market is still flat. However, the Bollinger Bands on the daily charts are headed downwards, which could mean that a weak downtrend is coming. Technically, the bulls still are still capable of a counterattack, with 21,000 as their target.
Among the US stocks, we advise monitoring Apple today. The time has now come for a correction, but it’s too early to talk about a short-term trend reversal. Consequently, the bulls may try to increase their positions in expectation of a price rise. Short stop losses, such as a bit lower than the 9-day EMA, can help to minimize the risks.
Meanwhile, Russia's MICEX Index broke through the resistance at 2,040 (a 23.60% Fibo retracement) and continued rising. However, as noted before, the 2,060/2,070 level is of particular interest in terms of the wave theory. If the index reaches this level, it could be regarded as a confirmation that the index is trading inside the third impulse wave.

Currency Market

The AUD/CAD pair is testing the 9-day EMA on the weekly charts. The falling MACDF also signals a continuation of the downtrend. If the EMA is crossed, another top might just form at 0.9700. This is a fairly pessimistic, but quite realistic scenario. Cautious traders are likely to stay on the sidelines waiting for the situation to resolve, while scalpers will of course go short, based on the signals on the daily charts. A short-term support might be 1.0052.
The CAD/JPY pair long-term trend has turned bearish. In this regard, any technical rebounds headed upwards should be used to increase short positions. Currently, the price is right near the support at 82.26 yen per loonie on the daily charts, so the bulls may well counter attack, with the target as high as 83.84 (a 38.20% Fibo retracement).

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