Daily Wave Analysis for 24 April 2014 2014.04.24

EURUSD

Now that price has broken above the magenta trend line, there is a decent chance of wave c being completed (purple).

4 hour chart EURUSD:

A break (green & red arrows) above the resistance (purple) or below the support (blue) could translate into upside continuation or a lower downside retracement.

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 and expecting a WXY (black letters).

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:

Price broke out of the corrective channel to the upside (purple) and could be making a wave X (black). A break of the magenta trend lines could indicate to which direction a breakout might occur.

60 min chart USDJPY: