Daily Wave Analysis for 17 April 2014 2014.04.17

EURUSD

Price could be making a retracement within an uptrend (blue trend line).

4 hour chart EURUSD:

An ABC correction could complete wave 2, which in turn might potentially translate into a breakout (green arrows) to higher levels.

60 min chart EURUSD:

GBPUSD

As expected, the GBPUSD broke to the upside yesterday with lots of momentum. The AO needs to turn before a confirmed divergence is present (now AO is moving up).

4 hour chart GBPUSD:

The breakout already occurred during the Asian session, but retracement could see potential bounces (green arrows) back up.

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).

60 min chart USDJPY: