Daily Wave Analysis for 22 October 2014

EURUSD

The EURUSD consolidation could take long before its completed because waves 4 (orange) are usually the longest waves in terms of time.

4 hour EURUSD:

The EURUSD is in a range (orange and green trend lines) and could be bouncing off of support.

60 min EURUSD:

GBPUSD

The GBPUSD downtrend is choppy and corrective and is struggling to break the bigger weekly support level (dark green).

4 hour GBPUSD:

It will be interesting to see whether price breaks or bounces at the orange and green trend lines.

60 min GBPUSD:

USDJPY

It is too early to tell whether price is making a bullish rebound or whether price is correcting for more downside. At this point the wave count is showing the rebound as the primary one.

4 hour USDJPY:

The bullish rebound has so far been slow but occasionally 1st waves can start that way. The trend lines (green and purple) will show interesting break or bounce spots.

60 min USDJPY:

Original Source – Admiral Markets