Analysis for June 29th, 2012
New Zealand Dollar is still being corrected. It looks like the price is forming wave (2)
. There is a possibility that in the nearest future the pair may make a reverse and start moving downwards while forming wave (3)
As we can see at the H1 chart, wave (2)
is taking the form of zigzag
pattern. On the minor wave level the price has finished wave B
in the form of flat
pattern and right now is forming an impulse in wave C
. Most likely, the pair will start falling down in wave 1
in the nearest future.
It looks like Euro is forming wave 2
. In the near term, we can expect the price to grow up a bit, however, then the pair may make a reverse and start moving downwards in wave 3
. In this case Euro may reach the level of 1.2000 by the end of the next week.
We may assume that the price has completed a descending impulse in wave 1 and then started forming the second wave very fast. However, the bulls are likely to become weaker after a while. The local correction may continue during Friday, but next Monday we can expect the price to make a reverse.