Daily Wave Analysis for 30 July 2014 2014.07.30
July 30, 2014 08:05
4 hour EURUSD:
A bearish momentum could be part of a bigger ABC (magenta) or a wave 3 (blue), which will depend on how slow or fast price retraces back up. In the 1st case a wave 3 is more likely; in the latter an ABC.
60 min EURUSD:
The downtrend continuation could face struggle due the double divergence (purple line on oscillator).
GBPUSD
4 hour GBPUSD:
A bearish impulsive 12345 unfolds as price approaches daily support at +/- 1.6900 (green lines).
60 min GBPUSD:
If price goes above the wave 1 (red) territory (purple line), then it invalidates the current wave 4 (red).
USDJPY
4 hour USDJPY:
USDJPY continues with complex variations of corrective patterns.
60 min USDJPY:
An ABC zigzag (red) is unfolding towards the Fibonacci targets.