Wave Analysis 07.08.2012 (NZD/USD, EUR/USD)

07.08.2012

Analysis for August 7th, 2012

NZD/USD

It looks like the price is finishing wave 2 in the form of zigzag pattern. On the minor wave level the pair is forming an ascending impulse inside wave [C]. During the next several days we can expect the price to make a reverse and start falling down while forming wave [1].



More detailed wave structure is shown on the H1 chart. The pair continues forming an ascending wave (5) of [C] with the fifth wave inside it. The market may grow up a bit during Tuesday, but later the price is expected to start a bearish wave (1).



EUR/USD

We may assume that Euro is completing wave [4] in the form of zigzag pattern. On the minor wave level the pair is finishing the formation of wave (C). In the future we can expect the price to start moving downwards while forming wave [5] of 3.



As we can see at the H1 chart, the price is forming wave (C) with the fifth wave inside in the form of diagonal triangle pattern. Euro may continue moving upwards a bit during Tuesday, but after that we can expect the pair to start falling down again.

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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