Daily Wave Analysis for 14 April 2014 2014.04.14

EURUSD

Price did not manage to stay in its channel (blue) when approaching the top (red line). Is this  a retracement? Let’s zoom in to lower time frames.

4 hour chart EURUSD:

The wave 4 (green) has indeed bounced at the 38.2% Fibonacci level. Now there is a chance for price to retrace back to the 50% or break (green arrows) above the resistance (purple).

60 min chart EURUSD:

GBPUSD

It is currently at the previous daily top. A break of this level could see a potential for price to move to higher targets.

4 hour chart GBPUSD:

The wave 4 (black) has indeed bounced at the 38.2% Fibonacci level. Now there is a chance for price to retrace back to the 50% or break (green arrows) above the resistance (purple).

60 min chart GBPUSD:

USDJPY

The recent fall could be part of bigger wedge (WXYXZ). Whether the bigger count is a wave 1-2 (magenta) seems very questionable at the moment.

4 hour chart USDJPY:

For the moment price is near potential daily support (blue dotted) but the rebound has been very weak. This pair is not making interesting price movements at the moment.

60 min chart USDJPY: