Daily Wave Analysis for 6 November 2014 2014.11.06

November 06, 2014 09:21

4 hour EURUSD:

The EURUSD needs to break the support trend line (green) to confirm the wave 3 (purple).

60 min EURUSD:

Waves 2 (magenta) cannot retrace further than the origin of the wave 1 at1.2632, which is the invalidation level of the current magenta wave count.

GBPUSD

4 hour GBPUSD:

Since the completion of wave 3 (red), price action has been tremendously choppy and corrective. Various support levels hinder the downtrend continuation (blue and green lines).

60 min GBPUSD:

On the hourly chart the completion of a bearish 5 wave could have occurred yesterday.This could be a first wave of the bigger fifth wave (red). For the moment pric eseems to be making a zigzag (green ABC).

USDJPY

4 hour USDJPY:

The USDJPY seems to have completed wave 5 (blue) of wave 3 (purple) yesterday.

60 min USDJPY:

The USDJPY could be ready for a wave 4 (purple) before continuing with the uptrend.