Daily Wave Analysis for 30 September 2014 2014.09.30

4 hour EURUSD:

The EURUSD keeps pushing lower within a neat downtrend channel (blue lines) although price is slightly consolidating at the support level (green) at 1.2660.

60 min EURUSD:

The EURUSD consolidation could be part of a wave 4 (red). These corrections usually do not retrace deeper than the 38.2 Fibonacci level, which is equal to the previous broken bottom (red line).

GBPUSD

4 hour GBPUSD:

The Cable could be starting a new bearish impulsive wave 5 (magenta), which is consisting of a wave 123 (purple numbers).

60 min GBPUSD:

On lower time frames the downwards momentum has not started yet, which means that price could be making waves 12 multiple times (red). The invalidation level (dark red line) is the starting point of wave 1 (red). A breakout (red arrows) could occur when price goes through support (green).

USDJPY

4 hour USDJPY:

The 110 price level (red) could be a resistance level which causes price to stall or retrace due to the fact that there are 2 targets, including a 423.6% of wave 3 (blue), and a round number.

60 min USDJPY:

The USDJPY is behaving choppier with the 110 resistance close by. The alternative is that wave 1 (green) is still part of the correction and wave 3 is wave 1. A breakout (green arrow) could occur when price goes through resistance (orange).