Daily Wave Analysis for 8 April 2014 2014.04.08

EURUSD

Price stopped at the 61.8% Fibonacci retracement level and seems to be close to support (green and blue). A break above resistance (magenta) could indicate the completion of wave X (red) and a potential break out (green arrows).

4 hour chart EURUSD:

Here too the 1 hourly chart could be in a potential breakout position (green arrows) above resistance. The downside breakout has its risks due to divergence and higher time frame support.

60 min chart EURUSD:

GBPUSD

The GU bounced at 50 and 61.8% Fibonacci retracement levels of a potential wave 2 (green) and the bottom of the daily uptrend channel (blue) again.

4 hour chart GBPUSD:

Price is at a potential break (red arrows) or bounce (green arrows).

60 min chart GBPUSD:

USDJPY

Price seems to have completed 5 waves and could now be ready for making an ABC correction (orange).

4 hour chart USDJPY:

Price is now in a potential wave A (orange).

60 min chart USDJPY: