Wave Analysis 30.05.2012 (NZD/USD, EUR/USD)

30.05.2012

Analysis for May 30th, 2012

NZD/USD

It looks like the price has finally completed wave (4) and is about to start falling down in wave (5) of [3]. Most likely, in the nearest future the pair will break the local minimum and then reach the level of 0.7300.



The current chart structure implies that wave (4) may have been already completed. The forecast of the price movement is still bearish. In the near term, we can expect the pair to start forming wave (5) of [3].



EUR/USD

The price hasn’t started the correction yet, as Euro is forming an extension inside wave 5 of (3). In this case, we can expect the pair to reach the level of 1.2200 within the next several days.



More detailed wave structure is shown on the H1 chart. We may assume that the price is forming wave [3] of 5. Earlier the pair finished wave [2] in the form of flat pattern. All these factors indicate that the descending movement may continue.

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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