Wave Analysis 02.05.2012 (NZD/USD, EUR/USD)

02.05.2012

Analysis for May 2nd, 2012

NZD/USD

After finishing quite a long wave [2], the market is trying to start moving inside the descending trend again. On the minor wave level the price has completed wave (2). There is a possibility that the pair may make a significant descending movement while forming the third wave in the nearest future.



More detailed wave structure is shown on the H1 chart. As we can see, wave (2) has taken the form of zigzag pattern. The price has completed an initial impulse in wave 1. After the local correction is finished, we can expect the price to start moving downwards in wave 3.


EUR/USD

We may assume that wave (2) has been completed in the form of double zigzag pattern. It looks like Euro is on the verge to make a significant descending movement. In the near term, we can expect the price to continue falling down while forming wave (3).



At the H1 chart we can see that wave Y has also taken the form of double zigzag pattern. The price has finished an initial descending impulse. Currently the local correction is taking place, and after it is finished we can expect the start of a bearish 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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