Wave Analysis 26.04.2012 (NZD/USD, EUR/USD)

26.04.2012

Analysis for April 26th, 2012

NZD/USD

We may assume that an initial impulse was the last part of the local correction inside the second wave. It looks like the market is on the verge of a significant descending movement inside the third wave. In the near term, we can expect the price to continue falling down.



As we can see at the H1 chart, the price has completed a descending wedge pattern in wave (1), and wave (2) has been finished in the form of zigzag pattern. On the minor wave level wave C has taken the form of diagonal triangle pattern. On Thursday we can expect the start of wave 1.


EUR/USD

It looks like the price is finishing wave (2), which is taking the form of double zigzag pattern. On the minor wave level we can see the formation of wave Y. In the near term, we can expect the correction to be finished and then the descending trend to continue.



After finishing horizontal triangle pattern in wave X, the price is forming zigzag pattern in wave Y of (2). During Thursday the market may grow up a bit, but then there is a possibility of a reverse. The price may start forming wave [1] during the next several days.


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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