Daily Wave Analysis for 19 November 2013

EURUSD

The EURUSD has completed a 5 wave pattern down and is now correcting back up. This could either be a wave 1 and 2 (blue) or A and B (green).

4 hour chart EURUSD:

Wave Y (black) could have been completed upon the push to 1.3550 but there is most likely more upside correction coming.

60 min chart EURUSD:

GBPUSD

The GBPUSD is moving back up but it is close to resistance. There could be space up to the 78.6% Fibonacci retracement at 1.6180. Wave 1 + 2 blue could also be wave A and B.

4 hour chart GBPUSD:

Price seems to be making an ending diagonal for a rising wedge pattern. In that case wave 5 of that pattern should not pass 1.6183 otherwise wave 3 would be the shortest and another wave count would be valid.

60 min chart GBPUSD:

USDJPY

Expecting a continuation for wave 3 (light blue) of wave 3 (magenta) of wave 3 (blue). The alternative would be an ABC correction (replacing blue 1-2-3). Price needs to break above the top (red) to confirm the bullish 1-2-3 development.

4 hour chart USDJPY:

Price should be moving quickly to the upside to confirm the bullish wave count but another wave 1-2 (dark red) might be the answer.

60 min chart USDJPY:

• Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/