Daily Wave Analysis for 20 November 2014 2014.11.20

4 hour EURUSD:

Yesterday price retraced back to the 50 Fibonacci retracement, which is usually the maximum pullback for a wave 4. The invalidation level of the wave 4 (blue) count is the bottom of wave 1 (blue)

60 min EURUSD:

A smaller consolidation (red&green) is appearing on the charts within the upward channel (light green&orange).

GBPUSD

4 hour GBPUSD:

The GBPUSD is most likely consolidating for a wave 4 (blue).

60 min GBPUSD:

Price indeed made the bounce back up at the support level as indicated by yesterday’s wave count (wave Y purple). Wave 4 (blue) could be completed at the 38.2 or 50 Fibonacci levels.

USDJPY

4 hour USDJPY:

Wave 5 had a bullish accelerating when it broke the top of the uptrend channel (blue).

60 min USDJPY:

The USDJPY bullish momentum has been completing several wave 3’s and is now pushing towards the 120.