Daily Wave Analysis for 24 March 2014 2014.03.24

EURUSD

The jury is still undecided whether this is an impulsive 5 wave down (green letters) or an ABC correction (black letters).

4 hour chart EURUSD:

The usual wave C target has already been hit. Now it will be interesting to see if price bounces (green arrows) or breaks (red arrows) at the wave 4 Fibs (red). In case of a move down, there is potential daily support at the 50% Fib (green).

60 min chart EURUSD:

GBPUSD

The GU broke the support trend line (blue) and is moving down lower. The Fibonacci levels could provide support. The wave count is vulnerable to change if price remains in a down trend (blue channel).

4 hour chart GBPUSD:

Currently the most likely wave count is indicating a completion of wave 4 and 5 (purple) of wave c (orange) at the 61.8% but a break of the channel (blue) would confirm that. There could be various breaks or bounces (green and red arrows).

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.

4 hour chart USDJPY:

60 min chart USDJPY: