NFP impact on the Forex waves 2016.03.04
EUR/USD
4 hour
The EUR/USD broke above the tight range (purple) and moved higher towards the resistance trend line (orange). A break above could indicate the continuation of waves Y. The Non-Farm Payroll employment change data could have a major impact on price movement and direction.
1 hour
The EUR/USD could have completed the 3rd wave (green) of an ABC bullish zigzag (blue).
GBP/USD
4 hour
The GBP/USD is expanding the wave 4 (pink) retracement and has retraced back to the 61.8% Fibonacci level. This is the deepest retracement possible before the current wave count is invalid. Price could find resistance at the Fibonacci levels of wave 4 vs 3. The Non-Farm Payroll employment change data could have a major impact on price movement and direction.
1 hour
The GBP/USD has made an ABC zigzag (grey) but whether the entire wave 4 (pink) correction is completed remains to be seen.
USD/JPY
4 hour
The USD/JPY has support and resistance levels nearby. The Non-Farm Payroll employment change data could have a major impact on price movement and direction.
1 hour
The USD/JPY bounced at support (green). A break below it confirms the continuation of the wave Y (brown). A break above the 78.6% Fibonacci level increases the chance that the wave X (brown) is not yet completed.