Daily Wave Analysis for 7 March 2014 2014.03.07

EURUSD

Yesterday’s bullish momentum confirmed the bullish wave count of the last 2 weeks. Price is still close to long-term resistance (orange dotted and red lines) so a pullback could occur.

4 hour chart EURUSD:

A pullback to the Fibonacci retracement level for a wave 4 (magenta) and a bounce up to wave 5 (magenta) of wave A (purple) of wave Y (green) seems most likely but today’s NFP figures could easily change this outlook.

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 arrows) might take place above resistances (orange and red).

60 min chart GBPUSD:

USDJPY

The wave count between red and green remains corrective but could be changed to part impulsive count if price manages to break above the resistance trend line (purple).

4 hour chart USDJPY:

Potential break out scenario (green arrow) is possible upon the break up to Fibonacci targets.

60 min chart USDJPY: