Daily Wave Analysis for 23 April 2014 2014.04.23

EURUSD

Price could be making a retracement within an uptrend (blue trend line) for a wave B (purple) of a bigger wave Y (red).

4 hour chart EURUSD:

The wave B (purple) could be completed at any of the Fibonacci retracement levels. A break (green arrow) above the resistance (magenta) could occur today or this week.

60 min chart EURUSD:

GBPUSD

Five waves could have been completed during the last push up (divergence red line on AO), unless extensions of the uptrend will occur.

4 hour chart GBPUSD:

Also on the hourly chart 5 waves in the last 5 waves could have been completed. The uptrend could certainly continue but for the moment I am cautious.

60 min chart GBPUSD:

USDJPY

The recent price action has been choppy and corrective which could be explained by the fact that price is now making a wave Y.

4 hour chart USDJPY:

For the moment price is building a slow and corrective channel to the upside (purple).

60 min chart USDJPY: