Daily Wave Analysis for 14 October 2014
The EURUSD could be in a wave Y (blue) to complete wave 4 (orange) at most likely the 38.2 Fibonacci retracement level.
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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:
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:
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