Analysis for May 4th, 2012
New Zealand Dollar continues moving downwards. It looks like the price is forming a bearish impulse in wave (3)
. Earlier wave (2)
was finished in the form of zigzag
pattern. All these factors indicate that the pair may continue falling down.
More detailed wave structure is shown on the H1 chart. As we can see, the price is forming the fourth wave inside wave (3)
. This local correction is unlikely to take a lot of time. In the near term, we can expect the start of wave 5 of (3)
After completing double zigzag
pattern in wave (2)
, the price has formed an initial descending impulse. At the moment the local correction is taking place. In the near term, we can expect the pair to continue moving downwards while forming wave 3
More detailed wave structure is shown on the H1 chart. Yesterday the price completed wave 1
, and right now the local correction is taking place. The pair may start falling down again during the next couple of days.