Daily Wave Analysis for 6 October 2014 2014.10.06

4 hour EURUSD:

During the release of the NFP figures the EURUSD fell back to the bottom of the downtrend channel (blue.

60 min EURUSD:

The EURUSD is approaching a cluster of Fibonacci targets (61.8%/green and 261.8%/blue).

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 it could change if price manages to keep making lower lows.

60 min GBPUSD:

During the release of the NFP figures price could have completed a 5 wave (orange) of wave c (purple).

USDJPY

4 hour USDJPY:

Whether the USDJPY has completed its wave 4 (red) correction is the key question. Usually wave 4’s tend to expand into bigger zones so a break of the 110 resistance (red line) could take a while.

60 min USDJPY:

I am expecting an ABC correction (purple) which completes wave 4 (red).