Update 2: Stopped Out
Update 1: Close above highs - Trade is Active
Possible Wolfe wave setup on GBPNZD. Long on 60m close above recent highs. After resistance at 2.339 is broken there is little to hold the pair back from reaching the 2.36-2.37 TP zone. Trade will become invalid if price closes below bottom of parallel channel.
The BoJ just announced the expansion of their "QE" from 60 trillions to 80 Trillion Yen. This is an unexpected move by the BoJ, as this announcement wasn't expected anytime this year.
The Nikkei closed up 4.84 %, S&P 500 futures made a new all time high at 2016.75. I expect the SPY to make a new high at the open as well.
What a week this has been for bulls....
It started 2014 year as laggard and was trending lower in bear channel. But then it bounced off of 200 EMA with RedDogReversal, regrouped and have built higher highs. Finally, sentiment changed when it resolved this indecision area with break up of resistance at $88.60 with nice 4 days follow through. Traders should adapt and make adjustments if they want to...
It caught buying momentum after it broke up wedge at $68.
Now it should hold above previous resistance at $86.45 which now should act like support .
Then we have $83.22 where my 8 EMA is situated and could be potential buy area.
Check my idea in the link below
