Daily Wave Analysis for 17 March 2014 2014.03.17

EURUSD

Wave Y’s (blue and brown) seem to be complete and therefore the EURUSD retracement could become relatively deep (green Fib). However as long as price stays in the uptrend channel (blue) then price can continue in the trend, so I’m keeping an eye on the hourly chart to see how this correction develops.

4 hour chart EURUSD:

The retracement down was quite impulsive and has a decent chance of being a wave A (orange), which indicates a potential wave B and C still remaining. The trend is up (blue channel) so break out trades could occur to both directions (red an green arrows).

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 the wave counts are vulnerable to change as the GBPUSD has been very choppy and it’s building a big consolidation. For the moment expecting ABC (red).

60 min chart GBPUSD:

USDJPY

A potential wave 123 (blue) seems to be developing, although price is close to a support level (dark green horizontal level).

4 hour chart USDJPY:

A potential wave 45 (orange) seems likely at the moment before completing wave 3 (blue).

60 min chart USDJPY: