Daily Wave Analysis for 3 October 2014 2014.10.03

4 hour EURUSD:

Due to the NFP figures later today, the wave count is vulnerable to change. The current wave count is expecting a wave 5 (blue) to complete at for instance the 61.8% Fibonacci target which is equal to the 261.8% target of wave 3 (orange).

60 min EURUSD:

The EURUSD completed a correction (WXY) yesterday (as expected in post of October 2nd).

GBPUSD

4 hour GBPUSD:

The GBPUSD is trending down but slower than an impulsive wave typically does. The wave count is therefore still set on a corrective outlook but this is dependent on how price reacts to today’s NFP figures.

60 min GBPUSD:

The range broke to the downside yesterday but the overall downtrend still remains corrective. For the moment I am labeling it a 5 wave (orange) of wave c (purple).

USDJPY

4 hour USDJPY:

The USDJPY seems to have completed wave 3 (red) at 110 and is now retracing for a wave 4 (red).

60 min USDJPY:

For the moment price is moving up after breaking the resistance line (dotted purple). This could be the end of wave 4 (red), but that seems unlikely to me and I am expecting rather an ABC correction (purple) which completes wave 4. Of course, the NFP news release could have an unforeseen impact.