Wave Analysis 22.05.2012 (NZD/USD, EUR/USD)

22.05.2012

Analysis for May 22nd, 2012

NZD/USD

It looks like the price has started the correction on the major wave level. Most likely, the formation of wave (4) will take several more days. However, after that we can expect the price to start falling down again in wave (5) of [3].



More detailed wave structure is shown on the H1 chart. The price is in the very beginning of the fourth wave, however, it may reach a new local minimum by the end of the week. The target for the next several days is the level of 0.7400.



EUR/USD

We may assume that the price has started the correction on the major wave level. The formation of the fourth wave may take several days. There is a possibility that the price may start falling down again in wave (5) of [3] at the end of the week.



More detailed wave structure is shown on the H1 chart. As we can see, the structure of wave (3) is completed. During the next several days we can expect the correction to continue inside a very narrow price range. The forecast of the price movement is still bearish.

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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