Wave Analysis 23.01.2012 (NZD/USD, EUR/USD)

23.01.2012

Analysis for January 23rd, 2012

NZD/USD

The local correction inside the fourth wave is almost completed. In the near term, we can expect the price to continue growing up in wave [5] of C. After the pair tests the level of 0,8150, we should expect the market to reverse and start moving downwards.



If we take a look at more detailed wave markings, which are shown on the H1 chart, we can see that wave [4] has been completed in the form of zigzag pattern. The market is several pips away from the local maximum. The price may continue moving upwards during Monday.


EUR/USD

After making a rapid rising movement inside wave (A), it’s quite logical that the price started the correction. Most likely, wave (B) will be finished within the next several days. In the future we can expect one more rising wave inside the fourth one.



At the H1 chart the price is forming a descending zigzag pattern in wave (B). On the minor wave level Euro is falling down and may continue moving downwards while forming wave C during Monday. After the price finishes the correction, the market may reach a new local maximum while forming wave (C) of [4].


Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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