Wave Analysis 16.03.2012 (NZD/USD, EUR/USD)

16.03.2012

Analysis for March 16th, 2012

NZD/USD

It looks like an initial descending impulse in wave [1] was finished. On the minor wave level the price completed wave (5) in the form of diagonal triangle pattern. At the moment the correction is taking place. Most likely, in the nearest future the price will continue forming zigzag pattern in wave [2].



More detailed wave structure is shown on the H1 chart. Yesterday the price formed an ascending impulse in wave (A). Currently the correction is taking place, and after it is finished the price may start growing up while forming wave (C) of [2].


EUR/USD

We may assume that a descending wedge pattern has been completed in wave (1). At the moment the price is forming the second wave in the form of a usual zigzag pattern. In the near term, we can expect the market to grow up a little bit in wave C of (2), however, after that the price may start moving downwards again inside the third one.



As we can see at the H1 chart, the price completed wedge pattern in wave (1), and then the correction started. Wave (2) is unlikely to make a strong pullback. Most likely, the correction will be finished near the maximum of wave 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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