Wave Analysis 02.08.2012 (NZD/USD, EUR/USD)

Analysis for August 2^nd, 2012

NZD/USD

We may assume that the correction has been finished. Wave 2 has been completed in the form of zigzag pattern with wave [B] in the form of flat pattern inside it. Most likely, in the nearest future the price will start moving downwards while forming an initial wave [1].



As we can see at the H1 chart, the price has finished wave [C] with diagonal triangle pattern inside the fifth wave. On the minor wave level the pair is forming a descending impulse in wave (1). In the future we can expect the price to start falling down again.

EUR/USD

Euro continues forming the fourth wave, the correction may take the form of zigzag pattern. On the minor wave level the price is forming wave (B). In the near term, we can expect the local growth of the price inside wave (C) of [4].



More detailed wave structure is shown on the H1 chart. After finishing an initial ascending impulse, the price is forming zigzag pattern in wave (B). Most likely, Euro will start moving upwards and form wave (C) on Thursday.