Wave Analysis 02.02.2012 (NZD/USD, EUR/USD)

02.02.2012

Analysis for February 2nd, 2012

NZD/USD

New Zealand Dollar continues moving upwards. It looks like the market is forming wave [5] of C right now. The current chart structure let us suppose that the price may continue moving upwards.  Most likely, the pair will reach a new local maximum on Thursday.



If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price is being corrected in wave (4) of [5]. This wave may be completed during the day. After that we can expect the price to continue growing up.


EUR/USD

In case of Euro the rising correction continues. It looks like wave (B) has been completed in the form of flat pattern. On the minor wave level the price formed an initial impulse in wave 1. After the local correction is finished, we can expect the price to start growing up again.



More detailed wave structure is shown on the H1 chart. After making a rapid movement upwards yesterday, the price is consolidating. Wave 2 may be completed in the nearest future, and later we can expect the price to start growing in wave 3.


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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