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ToolsPartnersAbout usWave Analysis 20.08.2012 (NZD/USD, EUR/USD)
20.08.2012Analysis for August 20th, 2012
It looks like the price started forming an initial descending impulse inside wave [1]. In the future, we can expect the pair to continue falling down. One can consider opening several more orders as the bears continue pushing the price downwards.
NZD/USD
As we can see at the H1 chart, the price is forming a descending wave (3). On the minor wave level the pair is starting to form wave 3. Most likely, the price will continue moving downwards in the nearest future.
EUR/USD
Wave [4] has been completed in the form of zigzag pattern. At the moment the market is moving downwards inside wave [5] of 3. We can expect the price to reach a new local minimum of wave [3] within the next several weeks.
As we can see at the H1 chart, after finishing the corrective movement, Euro may start falling down and form wave 3. The first target will be the level of 1.2000.
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.