Daily Wave Analysis for 21 November 2014 2014.11.21

4 hour EURUSD:

Price is not moving away from the resistance. If price breaks through it, then the invalidation level of the current wave 4 (blue) count is at the bottom of wave 1 (blue).

60 min EURUSD:

Although price is at resistance on a higher time frame, on this chart price is repeatedly approaching resistance levels in what could be an ascending wedge.

GBPUSD

4 hour GBPUSD:

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

60 min GBPUSD:

A wedge is being formed on the lower time frames (orange and green trend lines). A break of the wedge could indicate the start of wave 5.

USDJPY

4 hour USDJPY:

The uptrend has been strong but with divergence present and price getting closer to 120, a bigger pullback could become a serious option soon.

60 min USDJPY:

The USDJPY has retraced for a wave 4 (blue) of wave 5 (purple) so one more push higher is possible. The invalidation level of wave 4 (blue) is the top of wave 1 (blue).