Daily Wave Analysis for 3 March 2014 2014.03.03

EURUSD

The EURUSD is building on a mild uptrend channel (dark blue) after Friday’s bounce up as expected in previous wave counts (see last week).

4 hour chart EURUSD:

The question is whether the pair is making a correction up or will there be a wave 5 (blue) upwards without breaking the top of wave 1 (blue).

60 min chart EURUSD:

GBPUSD

Price returned back into the uptrend channel and the bullish count is therefore still most likely. The wave count is showing a potential for a wave 5 (black) of wave 3 (green) of wave 3 (purple). The invalidation level (brown line) is the top of wave 1 (red).

4 hour chart GBPUSD:

A break out scenario (green arrows) might take place above resistance (magenta).

60 min chart GBPUSD:

USDJPY

With the break of the support line (blue) the wave count becomes vulnerable to change. The invalidation level of the bullish wave 3 and 4 (blue) wave count is at 99 (thick brown line).

4 hour chart USDJPY:

60 min chart USDJPY: