Wave Count after NFP Event and its Impact on US Dollar 2015.04.06
EUR/USD
4 hour
Friday's NFP figure was lower than expected and caused the US Dollar to weaken. The EUR/USD is showing bullish momentum but at the same time it has reached major resistance (red lines).
1 hour
The EUR/USD has completed a 5th wave within wave A (purple). The most likely scenario is a zigzag correction (ABC – purple) considering the momentum during the FOMC event.
GBP/USD
4 hour
The weak NFP figure caused a burst of bullish momentum on the Cable, which broke the resistance part of the triangle chart pattern (orange dotted line).
1 hour
The momentum could be part of a zigzag correction indicated by the wave count (wave 3 of wave A).
USD/JPY
4 hour
Also the USD/JPY saw USD weakness and a push below support (broken green).
1 hour
Although price is near support (green), the momentum is bearish and indicating potential continuation of the downside.