Daily Wave Analysis for 2 May 2014 2014.05.02

Please note that next week there will be no wave analysis. The next wave analysis will be on Tuesday May 13. Be cautious of the fact that today is the release of NFP figures which could heavily impact and alter all currency pairs and wave counts.

EURUSD

Price remains below resistance (purple) but could find support at lower levels (see 1 hour chart) before reaching Fibonacci targets.

4 hour chart EURUSD:

Price completed a wave A (orange) and now could be in a wave B (orange).

60 min chart EURUSD:

GBPUSD

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

4 hour chart GBPUSD:

The Fibonacci levels are possible targets for breakouts (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 (dark red) and price could be on the rise for wave c (dark red).

60 min chart USDJPY: