Daily Wave Analysis for 18 April 2014 2014.04.18

Hello Traders, there is no wave count on Monday the 21st of April due to Easter Monday. Extra warning:  there is a high chance of slow price movements during Friday and Monday due to bank/public holidays in many financial centers.

EURUSD

Price could be making a retracement within an uptrend (blue trend line).

4 hour chart EURUSD:

The upside yesterday was corrective and therefore wave 2 might not be completed.

60 min chart EURUSD:

GBPUSD

Whether wave 5 (green) has been completed or not needs to be reviewed on multiple time frames but sooner or later divergence will translate into the end of the 5th wave (green).

4 hour chart GBPUSD:

For the moment 5 waves could be completed on the hourly – waiting for Tuesday to see whether the retracement starts or if there is an extension of wave 5 (green).

60 min chart GBPUSD:

USDJPY

The recent fall could be part of bigger wedge (WXYXZ). Whether the bigger count is a wave 1-2 (magenta) seems very questionable at the moment. The alternative is that wave Z is in fact a wave A of an ABC  correction down (break of blue, magenta, green support lines needed).

4 hour chart USDJPY:

For the moment price is near potential daily support (blue dotted).

60 min chart USDJPY: