Wave Analysis 06.06.2012 (NZD/USD, EUR/USD)

06.06.2012

Analysis for June 6th, 2012

NZD/USD

It looks like the price is finishing wave (4). The pair may break the local maximum during the day, but the market is unlikely to move much higher. In the near term, we can expect the price to start moving downwards again while forming wave (5) of [3].



We may assume that the current correction is taking the form of double zigzag pattern with wave Y being formed inside it. 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 EUR/USD currency pair is still being corrected. Wave (2) was quite a long one, that’s why the price may continue consolidating inside the fourth wave for several more days. However, after that we can expect the price to start falling down again while forming wave (5).



It looks like wave (4) is taking the form of zigzag pattern. On the minor wave level the price is forming wave B. All these factors indicate that the consolidation may continue 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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