Daily Wave Analysis for 9 July 2014 2014.07.09
4 hour EURUSD:
Although price made smaller gains to the upside yesterday, it did not provide clear guidance for the wave count. An ABC (magenta) could have been completed but remains tobe confirmed.
60 min EURUSD:
The EURUSD could potentially break out (green and red arrows) if price breaks above resistance trend lines (purple top) orbelow support (Fib level).
GBPUSD
4 hour GBPUSD:
Price is in a potential 5th wave with a typical presence of divergence.
60 min GBPUSD:
A potential breakout (green arrows) could occur for a 5th wave (brown) up to the Fibonacci targets (100% / 161.8%).
USDJPY
4 hour USDJPY:
Price moved lower in yesterday’s trading but has bounced off the 78.6% target, therefore the current wave count is showing the potential for a move up towards the waves Y(blue, green).
60 min USDJPY:
Price could be completing a wave WXY (purple).