Daily Wave Analysis for 22 August 2014 2014.08.22

4 hour EURUSD:

Price reached the bottom of the downtrend channel (orange) and could retrace for a wave 4 (orange).

60 min EURUSD:

Price could be in a retracement for wave 4, which often sees a turnaround at the 38.2% Fibonacci retracement level (1.33).

GBPUSD

4 hour GBPUSD:

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

60 min GBPUSD:

Price seems to have completed 5 waves (red) which means a retracement could occur.

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 struggling to break through the top of the daily chart consolidation (red line).