Daily Wave Analysis for 24 September 2014 2014.09.24

4 hour EURUSD:

Price is showing a single divergence (purple line on oscillator) between the 2 latest bottoms and price reached the top of a trend channel (blue). The main question is whether price will make a bigger retracement for a wave 4 (orange) or continue with the downtrend.

60 min EURUSD:

Price seems to be building a falling wedge chart pattern (purple lines).

GBPUSD

4 hour GBPUSD:

A break below the bottom (blue) could indicate the end of wave 4 (magenta).

60 min GBPUSD:

A breakout (red arrows) below the support trend lines (green & blue) could indicate the start of the bearish momentum potentially.

USDJPY

4 hour USDJPY:

The USDJPY is having trouble with trend continuation at the 110 resistance level (psychological round number) and might have completed wave 3 (blue) at the recent top.

60 min USDJPY:

The wave 4 (magenta) correction has gone to the 50% Fibonacci level. A break of the resistance trend line (orange) could mean a break out for wave 5 (magenta). A break of the support trend line (green) could mean a completion of wave 3 (blue) at the previous top.