Daily Wave Analysis for 27 October 2014

EURUSD

The EURUSD bounce at wave X (purple) is most likely part the bigger wave 4 (orange). The main lines to watch are the support (green) and resistance (orange).

4 hour EURUSD:

Fourth waves usually take long to unfold which means that price could consolidate for a lengthy period of time before the main 38.2 Fib target is reached.

60 min EURUSD:

GBPUSD

The GBPUSD could be expanding the wave 4 (red) and with one more wave WXY (dark red).

4 hour GBPUSD:

The GBPUSD 1 hour chart is in a big consolidation with choppy price action and many wedge trend lines (blue, orange, green). The wave count is vulnerable to change depending on how the break out occurs.

60 min GBPUSD:

USDJPY

The USDJPY bullish rebound has layers of resistance to break before indeed a confirmation of the wave 5 (red) of wave 3 (blue) can be made.

4 hour USDJPY:

The invalidation level of the wave 4 (blue) is the top of wave 1 (blue).

60 min USDJPY:

Original Article: Admiral Markets