Wave Analysis 15.08.2012 (NZD/USD, EUR/USD)

15.08.2012

Analysis for August 15th, 2012

NZD/USD

After completing wave 2 in the form of zigzag pattern, the price started forming an initial descending impulse. The pair may continue moving downwards. After the price forms a clear impulse inside wave [1], I’ll consider increasing my short position.



Yesterday the price formed wave (2) in the form of zigzag pattern, but before that it had completed an initial impulse inside wave (1). In the future we can expect the pair to continue falling down and form wave (3).



EUR/USD

Wave [4] has been completed in the form of zigzag pattern. Right now the market is in the very beginning of wave [5] of 3. Euro may reach a new local minimum during the next several weeks.



We may assume that wave (2) has been finished in the form of zigzag pattern. Earlier Euro completed an initial descending impulse inside wave (1). In the near term, we can expect Euro to start falling down and form the third wave.

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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