Wave Analysis 06.07.2012 (NZD/USD, EUR/USD)
06.07.2012
Analysis for July 6th, 2012
NZD/USD
The bears haven’t been able to make a reverse so far. It looks like the price is completing wave 2 in the form of zigzag pattern. The forecast of the price movement remains the same. In the near term, we can expect the start of wave 3.
We may assume that wave [C] of 2 has taken the form of divergent diagonal triangle pattern. Earlier the price finished wave [B] in the form of zigzag pattern. The pair may start forming wave (1) during the day.
EUR/USD
Euro made a strong descending movement on Thursday and reached a new minimum of wave 1. It looks like the price is forming a bearish wave 3. In the near term, we can expect the price to continue falling down. The target is still at the level of 1.2000.
More detailed wave structure is shown on the H1 chart. The price has completed zigzag pattern in wave 2 very fast. Currently Euro is forming wave [3]. Most likely, in the nearest future the price will continue forming a descending impulse.
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.