Wave Analysis 23.08.2012 (NZD/USD, EUR/USD)

23.08.2012

Analysis for August 23rd, 2012

NZD/USD

The correction inside wave (2) continues. Earlier the price finished an initial impulse inside wave (1). The second wave may be completed within the next several days and New Zealand Dollar will start falling down and form the third one.



More detailed wave structure is shown on the H1 chart. It looks like wave (2) is taking the form of zigzag pattern. On the minor wave level the pair has completed triangle pattern inside wave B. In the near term, we can expect the price to make a reverse.



EUR/USD

The current chart structure implies that wave [4] has been finally completed. We may assume that the correction has taken the form of zigzag pattern with double three pattern inside wave (B).  Later the price may start form an initial impulse inside wave [5] of 3.



As we can see at the H1 chart, an impulse inside wave (C) may be considered completed. Earlier the price formed triangle pattern inside wave Y of (B). We can expect Euro to make a reverse in a downwards direction during the day.

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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