Wave Analysis 09.02.2012 (NZD/USD, EUR/USD)

09.02.2012

Analysis for February 9th, 2012

NZD/USD

It looks like wave [4] has been finally completed. In the near term, we can expect the price to start growing up while forming the fifth wave. This wave is likely to be very short, the level of 0.8450 will be enough for the bulls. After that, we can expect the market to reverse downwards.



As we can see at the H1 chart, the fourth wave has been completed in the form of skewed triangle pattern. Right now the price is starting to form wave [5] of C. We can expect the pair to reach a new local maximum within the next several days


EUR/USD

Euro continues growing up in wave (C) of [2]. The price is moving above the maximum of wave (A). The current wave structure indicates that the price may continue moving upwards. In the near term, we can expect the pair to reach the level of 1.3450.



If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price is forming the fifth wave inside an initial wave 1. In the near term, we can expect the correction, however, after that the price may start growing up again.


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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