Daily Wave Analysis for 9 October 2014
EURUSD
The EURUSD broke above the downtrend channel (blue) which signals a high likelihood that wave 3 (orange) is completed and price is retracing in wave 4 (orange).
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4 hour EURUSD:
With the break of the trend line (purple), price could be in zigzag formation (ABC magenta).
60 min EURUSD:
GBPUSD
The GBPUSD also broke above a resistance trend line (dotted blue) which is indicating that price is most likely retracing higher to complete a wave Y (blue).
4 hour GBPUSD:
Potential bullish targets could the Fibonacci levels of wave Ys (blue and green).
60 min GBPUSD:
USDJPY
The USDJPY is most likely in a wave 4 (red) correction. With the break of the support trend line it seems probable that price will retrace to the 38.2 Fibonacci retracement level.
4 hour USDJPY:
An ABC zigzag pattern (blue/purple) might take place to complete wave 4 (red).
60 min USDJPY:
Original Source – Admiral Markets