Analysis for July 27th, 2012
After yesterday’s rally, I suggest to look at large time frames. It looks like the price continues forming wave 2
inside diagonal triangle
pattern. Most likely, the correction will be finished within the next several days and the market will continue falling down inside wave 3 of (C)
As we can see at the H4 chart, New Zealand Dollar continues growing up inside wave [C] of 2
. Earlier wave [B]
was completed in the form of flat
pattern. We can expect the price to finish the second wave in the nearest future.
It looks like the price is forming an extension
inside wave 3
. On the minor wave level the pair is forming the fourth wave. The corrective movement may continue for several more days, but later we can expect Euro to continue moving downwards inside wave  of 3
The market has made a strong ascending movement and finished wave (5) of 
. Right now it’s too early to suppose the form of which correctional pattern the fourth wave will take. Most likely, the price will start forming flat
pattern in the nearest future.