Daily Wave Analysis for 3 September 2014 2014.09.03

4 hour EURUSD:

Price has accelerated its bearish downtrend (orange channel) but is facing a major level (daily bottom (green)).

60 min EURUSD:

The weekly support (green) at 1.31 and the divergence between the bottoms (blue line) could cause a temporary retracement to the upside. I think it is best to keep an eye on the bottom (green) and top of trend channel (orange) for further information.

GBPUSD

4 hour GBPUSD:

The massive GU downtrend continues but now faces weekly support (green).

60 min GBPUSD:

Yesterday’s anticipated breakout (seen in wave analysis 2nd September) indeed did occur and price has been falling nicely ever since.

USDJPY

4 hour USDJPY:

A shallow wave 4 (green) and a renewed bullish momentum (wave 5 green) seem to confirm the current impulsive 123 (blue).

60 min USDJPY:

Price could make extensions within the wave 3 (dark blue).