Daily Wave Analysis for 10 April 2014 2014.04.10

EURUSD

Price has clearly bounced at the 61.8% Fibonacci and broken the resistance (magenta). The wave Y (red) are the first targets for an upside trend, although horizontal resistance must always be taken into account.

4 hour chart EURUSD:

Although price seemingly completed 5 waves for a wave 3 (green), the wave count could get an extension. Assuming wave 4 (green) starts then a bounce (green arrows) at the 38.2% could potentially occur.

60 min chart EURUSD:

GBPUSD

Price was able to break above resistance as mentioned yesterday as a likely scenario. It is currently at the previous daily top. A break of this level could see a potential for price to move to higher targets.

4 hour chart GBPUSD:

Whether price has indeed completed 5 waves of wave 3 (blue) is very unsure. If it does, then there is potential support (green arrows) at the Fibonacci levels.

60 min chart GBPUSD:

USDJPY

The recent fall could be part of bigger wedge (WXYXZ). Whether the bigger count is a wave 1-2 (magenta) seems very questionable at the moment.

4 hour chart USDJPY:

For the moment price is near potential daily support (blue dotted) but the rebound has been very weak. This pair is not making interesting price movements at the moment.

60 min chart USDJPY: