Daily Wave Analysis for 29 October 2014

EURUSD

The EURUSD break of the resistance trend line (orange) could signal the start of the bigger correction up towards the 38.2 Fibonacci retracement.

4 hour EURUSD:

EURUSD’s spike up yesterday was most likely part of a WXY (dark blue) correction.

60 min EURUSD:

GBPUSD

The GBPUSD’s slow trading day yesterday could have been part of wave B (red). The wave count could change if price breaks through resistance (orange) without a dip for wave C (red).

4 hour GBPUSD:

The GBPUSD is in a big consolidation with choppy price action. Wave counts become more vulnerable to change within any wedge and it depends on how the break out occurs.

60 min GBPUSD:

USDJPY

The USDJPY is in a wedge with resistance (orange) and support (blue) trend lines nearby.

4 hour USDJPY:

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

60 min USDJPY:

Original Source – Admiral Markets