Daily Wave Analysis for 14 March 2014 2014.03.14

EURUSD

After potentially completing wave Y (blue), the EURUSD retracement could become relatively deep (green Fib). I’m keeping an eye on the hourly chart to see how this correction develops.

4 hour chart EURUSD:

Yesterday’s break continued up to the -61.8% Fibonacci target and the top of the uptrend channel. The retracement / fall from this level was quite impulsive, which indicates a momentum and this will most likely be a wave A (orange).

60 min chart EURUSD:

GBPUSD

Yesterday’s relatively fast drop in price is suggesting that the wave count is vulnerable for change. For instance, the correction of wave Y (blue) could be deeper.

4 hour chart GBPUSD:

For the moment I have marked the upside with 2 scenarios: either a 12345 or an ABC. The ABC seems more likely due to the steep fall yesterday.

60 min chart GBPUSD:

USDJPY

Yesterday’s impulsive drop increases the likelihood of wave Y (green) being complete and a potential wave 123 (blue) developing.

4 hour chart USDJPY:

A potential wave 45 (orange) seem likely before completing wave 3 (blue).

60 min chart USDJPY: