Daily Wave Analysis for 2 April 2014 2014.04.02

EURUSD

Price has slowly pushed through the resistance (magenta trend line). The lower time frame shows which levels are important for today’s movements.

4 hour chart EURUSD:

Potential break outs (green & red arrows) could occur above yesterday’s daily high (purple trend line) or below daily low (green line).

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. A breakout (red and green arrows) could take place in both directions.

60 min chart GBPUSD:

USDJPY

Price is attempting to break above resistance. This could be completing a wave 5 or an extended wave 3.

4 hour chart USDJPY:

For the moment there could be a bounce (green arrow) from the channel bottom to target.

60 min chart USDJPY: