Daily Wave Analysis for 21 August 2014 2014.08.21

4 hour EURUSD:

The wave 5 (orange) is falling towards Fibonacci targets. The main target is usually the 61.8% (blue) Fibonacci level, which is equal to the weekly bottom (blue line) at +/- 1.31.

60 min EURUSD:

The bearish breakout has extended itself with more 5 wave patterns within wave 3 (blue).

GBPUSD

4 hour GBPUSD:

The GBPUSD is completing a bearish wave 5 (magenta).

60 min GBPUSD:

Wave 5 (dark red) is turning into an extend downtrend. Yesterday’s spike up was a wave 4 (red).

USDJPY

4 hour USDJPY:

The USDJPY is reaching the top of the consolidation (thick red line). A break above it could change the wave count into an impulsive breakout.

60 min USDJPY:

Price is breaking above various resistance layers and could be heading towards the Fibonacci targets.