Daily Wave Analysis for 24 October 2014

EURUSD

The EURUSD break of the support trend lines (greens) could indicate a completion of wave 4 (orange) at the most recent top (current wave X purple). In most cases however, wave 4’s take longer to compete in terms of time, which is the reason that price could be expanding a correction with WXY (purple).

4 hour EURUSD:

The EURUSD did not break below the horizontal support (green) yesterday and might be able to make a rally for wave Y (purple).

60 min EURUSD:

GBPUSD

More confirmation is needed before it can be concluded that the GBPUSD has completed wave 4 (red) and one more expanded correction is possible (wave WXY dark red).

4 hour GBPUSD:

The entire hourly chart is clearly in a consolidation and the most recent price action is pausing in a wedge (blue and green trend lines).

60 min GBPUSD:

USDJPY

The USDJPY is in a bullish rebound but it would need to break above the resistance lines (orange and red) for a bigger breakout.

4 hour USDJPY:

Yesterday’s break of the contracting triangle chart pattern could be part of the impulsive wave 5 (red) of wave 3 (blue).

60 min USDJPY:

Original Article: Admiral Markets