Daily Wave Analysis for 2 October 2014 2014.10.02

4 hour EURUSD:

Due to the interest rate announcement on the Euro later today, the wave count is vulnerable to change. Price bounced off of the bottom of the downtrend channel yesterday and seems to have completed waves 5 (light blue & magenta).

60 min EURUSD:

The EURUSD was unable to break through support yesterday and is currently making a rally above the 1 hour downtrend channel (orange lines).

GBPUSD

4 hour GBPUSD:

The GBPUSD break of support (green line) has been slow so far and thus the wave count has been changed to a corrective WXY (blue) wave count (although vulnerable to change).

60 min GBPUSD:

Price is currently in a range on the hourly chart (purple lines).

USDJPY

4 hour USDJPY:

The USDJPY was unable to break the 110 resistance level (red) and is retracing downwards quickly. A wave 3 (red) seems to have completed at 110.

60 min USDJPY:

The USDJPY is behaving choppier with the 110 resistance close by, which is indicated by the trend lines (magenta). The wave count is subject to change depending on how price reacts to the 110 resistance zone.