Daily Wave Analysis for 1 April 2014 2014.04.01

EURUSD

Price is now potentially making a wave Y (purple) of a bigger wave X (red) correction before the uptrend (light blue lines) continues. Whether wave X (red) finished at the 50% Fibonacci level or retraces lower to the 61.8% Fib remains to be seen.

4 hour chart EURUSD:

Price has support and resistance lines (magenta + purple) which act as potential lines in the sand. A break of those lines could lead to potential break outs (green and red arrows).

60 min chart EURUSD:

GBPUSD

The GU could be breaking out of the down trend channel (blue), which signals the potential end of the ABC correction at the 61.8% Fibonacci retracement.

4 hour chart GBPUSD:

Whether price has completed wave 1 (green) or not remains to be seen but the 61.8% target is at 1.6736 and a breakout (green arrow) is more feasible upon the break of the daily high (red).

60 min chart GBPUSD:

USDJPY

The USDJPY remains in a consolidation between support (green) and resistance (red). For the moment I am cautious and waiting for more price action information, however price is attempting to break above resistance.

4 hour chart USDJPY:

Price could be making a start of a 12345 (black) wave count.

60 min chart USDJPY: