Daily Wave Analysis for 6 February 2014 2014.02.06

February 06, 2014 08:22

The EURUSD seems to be making a bear flag chart pattern (dark blue lines).

4 hour chart EURUSD:

In the current wave count wave 4 and 5 (green) probably remain, which means there is a potential breakout trade remaining (red arrow); the other option is an upside break (green arrow) but only above the resistance (red line).

60 min chart EURUSD:


The GBPUSD has broken the uptrend (break of the blue channel). For the moment the wave count has been tentatively formulated as bearish and impulsive.

4 hour chart GBPUSD:

Wave 5 (green) could have bounced off of the support (lower blue) and might now be making a retracement for wave 4 (orange).

60 min chart GBPUSD:


Price could have completed a retracement for wave 4 (blue) and therefore a continuation higher from the 50% Fib up to wave 5 (blue) is a decent possibility. The invalidation level of the bigger wave 3 and 4 (blue) wave count is +/- 99 (thick red line).

4 hour chart USDJPY:

It is not clear whether the down trend on the lower time frame been completed or whether it still has some downside continuation left to complete waves 5s and Cs.

60 min chart USDJPY: