Daily Wave Analysis for 6 January 2015 2015.01.06

4 hour EURUSD:

The EURUSD wave 3 (purple) seems to have paused or perhaps is completed.

60 min EURUSD:

If wave 3 (purple) is indeed complete, price usually retraces back to the 38.2% Fibonacci retracement of wave 4 (purple) before continuing with the trend.

GBPUSD

4 hour GBPUSD:

The GBPUSD completed the wave 4 (blue) consolidation and is now falling towards the wave 5 (blue) targets.

60 min GBPUSD:

GU could be starting a smaller triangle of consolidation – see recent purple trend lines.

USDJPY

4 hour USDJPY:

The USDJPY was not able to break through the resistance trend line (orange) and is retracing deeper for a wave Y (red) of 4 (magenta).

60 min USDJPY:

Price is building a wedge with price bouncing back and forth between support (green) and resistance (orange).