Daily Wave Analysis for 9 April 2014 2014.04.09

EURUSD

Price did break above resistance (magenta) but stopped at horizontal resistance. Let’s take a look at the break on a lower time frame.

4 hour chart EURUSD:

Although price seemingly completed 5 waves, the wave count could get extension (green arrows) before making an ABC correction.

60 min chart EURUSD:

GBPUSD

The GU bounced at.8% Fibonacci retracement levels of a potential wave 2 (green) and the bottom of the daily uptrend channel (blue). Price could now be potentially completing wave 3 (black) of wave 3 (green) of wave 3 (blue), although more momentum is needed to confirm this.

4 hour chart GBPUSD:

Price broke resistance (magenta) as mentioned yesterday for a great breakout with lots of momentum. There is a good chance of this upward momentum getting continuation (green arrow).

60 min chart GBPUSD:

USDJPY

The recent fall could be part of bigger wedge (WXYXZ).

4 hour chart USDJPY:

The wave B (orange) could have been very shallow (orange). For the moment price is near potential daily support (blue dotted).

60 min chart USDJPY: