Daily Wave Analysis for 5 September 2014 2014.09.05

4 hour EURUSD:

Yesterday’s dramatic fall of 200+ plus confirms the current impulsive bearish wave count. As always today’s wave counts are very vulnerable to change due to the release of the U.S. NFP figures.

60 min EURUSD:

The bearish breakout occurred after the break of the triangle (green). Big impulses such as this one are usually wave 3’s, which means that price usually continues with the downtrend and extensions can be expected.

GBPUSD

4 hour GBPUSD:

Yesterday the GBPUSD fell strongly together with the EURUSD. The break of the horizontal weekly support (dotted green) was quick and decisive.

60 min GBPUSD:

Yesterday’s fall had a lot of momentum because the AO indicator is at its lowest point, which means that there is a decent chance of further downside trend continuation as wave 3 (dark red) develops.

USDJPY

4 hour USDJPY:

Price shortly pushed above the monthly top (dark red) at 105.50 but reversed back below quite fast. It’s too early to tell whether a wave 5 (blue and green) of a wave 3 (blue) is complete or whether wave 5 (blue) will push higher.

60 min USDJPY:

The wave 4 (light blue) indeed turned at the 38.2% Fibonacci level.