NFP will be taking place on 9 March though that doesn’t mean we won’t see some nice moves in the Dollar this week with quite a few tier 1 data releases including PCE, GDP and the first testimony from the new FOMC chair Powell on Wednesday (in that order). We also have some bill auctions on Monday and Tuesday.
PCE is the measure of inflation the Fed use. You have read the recent FOMC meeting minutes, you know why this is important. If not then you know what to do next.
The Dollar is currently neutral and playing piggy in the middle between the top and bottom of the range on the daily chart. Such consolidation provides an opportunity for a breakout and the start of a trend and in such situations, it pays to remain patient. Having said that bulls continue to buy at support and bears continue to sell at resistance so as always, pick your lines and trade your bias or wait for the breakout and trade in the direction of the trend.
I have outlined the scenarios for bulls and bears for the week ahead. I have also included a view on March with next month’s pivot points. Happy trading. Comments and feedback welcome.