Wave Analysis 08.08.2012 (NZD/USD, EUR/USD)

08.08.2012

Analysis for August 8th, 2012

NZD/USD

We may assume that wave 2 has been finally completed. The correction has taken the form of zigzag pattern with extended flat pattern inside wave [B]. Later we can expect the price to start forming an initial impulse inside wave [1].



As we can see at the H1 chart, wave (5) has been finished with the short fifth wave. The price has completed a bearish impulse inside wave 1. In the near term, we can expect the pair to finish the corrective movement and continue falling down while forming wave 3.



EUR/USD

We may assume that Euro has finally finished wave [4] in the form of zigzag pattern. The forecast of the price movement is still bearish. We can’t exclude a possibility that in the nearest future Euro may start falling down while forming wave [5] of 3.



Wave (C) was completed with diagonal triangle pattern inside the fifth wave, and we can see that the price has already started forming a bearish wave (1). In the future we can expect the pair to start falling down again and reach a new local minimum.

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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