Daily Wave Analysis for 7 January 2015 2015.01.07
Januar 07, 2015 07:56
4 hour EURUSD:
The EURUSD is in a strong downtrend and is heading towards the wave 5 Fibonacci targets.
60 min EURUSD:
The wave 4 (purple) could have completed but price needs to break the support line (green) before this is confirmed.
GBPUSD
4 hour GBPUSD:
The GBPUSD completed the wave 4 (blue) consolidation and is now falling towards the wave 5 (blue) targets.
60 min GBPUSD:
The GBPUSD is falling within a downtrend channel (purple lines).
USDJPY
4 hour USDJPY:
The USDJPY is in a bearish corrective mode which would complete wave 4 (magenta).
60 min USDJPY:
Although the USDJPY fall of could immediately complete wave the 4 (magenta), it seems more probable at the moment that it’s part of a bigger correction (blue WXY).