Daily Wave Analysis for 28 April 2014 2014.04.28

EURUSD

Price moved very choppily on Friday which increases the lack of clarity.  For the moment price could still complete wave B (purple) at lower Fibonacci levels.

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 purple 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 X (black).

4 hour chart USDJPY:

Price broke out of the corrective channel to the upside (purple) and a break of the trend lines (blue, orange and magenta) could indicate to which direction a breakout might occur.

60 min chart USDJPY: