Daily Wave Analysis for 30 April 2014 2014.04.30

EURUSD

Yesterday’s drop in the EURUSD increases the probability of price completing a wave X (blue) of a wave B (purple).

4 hour chart EURUSD:

Wave Y (blue) targets are at the 61.8% and 100% Fibonacci levels.

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. Upon the break of the resistance (blue) an extension seems likely.

4 hour chart GBPUSD:

A potential breakout (green arrows) could occur today if price manages to break above resistance.

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:

Price moved up in 5 waves which could be part of an ABC (brown) to complete wave Y (black).

60 min chart USDJPY: