Daily Wave Analysis for 2 January 2015 2015.01.02

4 hour EURUSD:

The first trading day of 2015 has arrived. Traders should be cautious when trading at end and beginning of a new year as price movements tend to be slower. The EURUSD is approaching a bigger monthly support level (green line).

60 min EURUSD:
The bearish price action has extended passed the invalidation level and thus the price action is impulsive and price is now most likely in a wave 3 (purple).

GBPUSD

4 hour GBPUSD:

The GBPUSD is in a consolidation which is best captured by the 2 trend lines (purple).

60 min GBPUSD:

Whether the correction of wave 4 (blue) is finished depends whether price will expand its correction to higher Fib levels or whether it can break below the support trend line.

USDJPY

4 hour USDJPY:

The USDJPY is close to resistance, which will be an interesting break or bounce spot. If price does break the resistance, then wave 4 (magenta) most likely has been completed.

60 min USDJPY:

If price uses the resistance trend line (orange) as a bouncing spot then price could correct lower to the wave Y (red) Fibonacci levels.