Daily Wave Analysis for 14 October 2014

EURUSD

The EURUSD could be in a wave Y (blue) to complete wave 4 (orange) at most likely the 38.2 Fibonacci retracement level.

4 hour EURUSD:

Price is a wedge with resistance and support trend lines on both sides (red and green), which could be part of a WXY correction (magenta and blue).

60 min EURUSD:

GBPUSD

The GBPUSD is in a triangle with a resistance trend line (purple) above it and a support trend line (green) below it, which can be part of an expanded WXY (blue) correction to complete wave 4 (red).

4 hour GBPUSD:

A breakout (arrows) could occur if price manages to break out of the wedge and its trend line(s) (red & green).

60 min GBPUSD:

USDJPY

The USDJPY is most likely in a wave 4 (red) correction and price has retraced back to the 38.2 Fibonacci retracement level, which could act as a support. The wave count would change if price manages to break below the 50 Fibonacci retracement level.

4 hour USDJPY:

A bearish 5 wave (light blue) completed an ABC zigzag (brown) yesterday but whether it completes the corrective wave 4 (red) remains to be seen.

60 min USDJPY:

Original Source – Admiral Markets