Daily Wave Analysis for 7 October 2014

EURUSD

The EURUSD bounced strongly off of bottom of the downtrend channel (blue) but did not manage to break above the wave 4 (blue) top.

4 hour EURUSD:

The invalidation level of the new wave 1 and 2 (dark red) wave count is at that top of wave 4 (blue).

60 min EURUSD:

GBPUSD

The GBPUSD wave count is still set on a corrective outlook but it could change to a bearish impulsive count if price manages to keep making lower lows.

4 hour GBPUSD:

The bearish price movements on the 1 hour chart have been choppy.

60 min GBPUSD:

USDJPY

The USDJPY is most likely in a wave 4 (red) correction. The corrective formation could either be a contracting triangle or a deeper retracement to the 38.2 Fibonacci retracement level.

4 hour USDJPY:

The two different corrective formations are both put on the chart: the triangle (green) and ABC (purple).

60 min USDJPY:

Original Source – Admiral Markets