Daily Wave Analysis for 1 May 2014 2014.05.01

EURUSD

Yesterday’s rise in the EURUSD increases the probability of price completing a wave X (blue) of a wave B (purple).

4 hour chart EURUSD:

A break of resistance (purple) could lead to breakout (green arrows) trades to the Fibonacci targets.

60 min chart EURUSD:

GBPUSD

Price has managed to break above major resistances (red dotted and magenta) and could now be in extension territory (wave 5 has been moved above price).

4 hour chart GBPUSD:

Wave 3 (magenta) could still be in motion. The Fibonacci levels are possible targets for breakouts and bounces (green arrows).

60 min chart GBPUSD:

USDJPY

The recent price action has been choppy and corrective which could be explained by the fact that price is in a wave WXY pattern (black).

4 hour chart USDJPY:

An ABC seems to have potentially completed wave B (red).

60 min chart USDJPY: