Daily Wave Analysis for 19 November 2014 2014.11.19

4 hour EURUSD:

The EURUSD bounce at the support trend line (green) could be part of wave 2 (red) which has an invalidation level at the top of wave 1 (red). This Wednesday’s FOMC event however could drastically change the landscape: one of the alternative wave counts would exchange the last wave 1-2 for a continuation of the correction of wave 4 (blue).

60 min EURUSD:

A potential bearish breakout (red arrows) could occur below support (green trend line).

GBPUSD

4 hour GBPUSD:

Wave 4 (blue) could be extended via a WXY correction (purple).

60 min GBPUSD:

There is a higher chance than usual that the wave count could be changed because the wave 3 (purple) momentum was unusually low on the Awesome Osc.

USDJPY

4 hour USDJPY:

As price is approaching the 120 after a massive momentum up, FOMC event could decide whether wave 5 (purple and red) sees a big acceleration or retracement

60 min USDJPY:

The USDJPY has been trending upwards in a neat channel (blue trend lines).