Daily Wave Analysis for 6 March 2014 2014.03.06

EURUSD

The EURUSD is building on a mild uptrend channel (dark blue) but it’s also close to long-term resistance (orange dotted and red lines).

4 hour chart EURUSD:

 A break above the resistances (purple & magenta) could translate into a break out potential (green arrows). A failure to do so could eventually result in a break below support (red arrows).

60 min chart EURUSD:

GBPUSD

If price breaks out of the triangle (purple) to lower price levels, then the wave count will be changed.

4 hour chart GBPUSD:

A break out scenario (green + red arrows) might take place above resistances (magenta + purple) or below support (purple).

60 min chart GBPUSD:

USDJPY

The invalidation level of the bullish 3, 4 (blue) wave count is at 99 (thick brown line). Otherwise price action is very choppy between the top and bottom (red and green). A break above or below those lines would give an indication of the potential long-term direction.

4 hour chart USDJPY:

60 min chart USDJPY: