Analysis for August 23rd, 2012
The correction inside wave (2)
continues. Earlier the price finished an initial impulse inside wave (1).
The second wave may be completed within the next several days and New Zealand Dollar will start falling down and form the third one.
More detailed wave structure is shown on the H1 chart. It looks like wave (2)
is taking the form of zigzag
pattern. On the minor wave level the pair has completed triangle
pattern inside wave B
. In the near term, we can expect the price to make a reverse.
The current chart structure implies that wave 
has been finally completed. We may assume that the correction has taken the form of zigzag
pattern with double three
pattern inside wave (B)
. Later the price may start form an initial impulse inside wave  of 3
As we can see at the H1 chart, an impulse inside wave (C)
may be considered completed. Earlier the price formed triangle
pattern inside wave Y of (B)
. We can expect Euro to make a reverse in a downwards direction during the day.