Wave Analysis 04.04.2012 (NZD/USD, EUR/USD)

Analysis for April 4^th, 2012

NZD/USD

Yesterday’s fall of the price makes us return to the previous chart structure. Wave 2 has totally corrected the first one. Most likely, the price will start forming wedge pattern in wave (3). In the near term, we can expect the pair to reach a new local minimum.



More detailed wave structure is shown on the H1 chart. On the minor wave level the price is finishing the third wave inside wave 3. In the near term, we can expect a slight local correction, and then the pair may continue falling down while forming wave [5] of 3.

EUR/USD

Yesterday the pair fell down, and it made us return to the previous chart structure. It looks like wave [2] was completed in the form of a usual zigzag pattern. At the moment the price is forming a descending impulse in wave (1). In the near term, the pair may continue falling down.



As we can see at the H1 chart, the price, after completing wedge pattern in wave 1, finished zigzag pattern, which has totally corrected the first wave. At the moment the price is forming a bearish impulse in wave 3. Most likely, the correction will take place during the day, however, after that we can expect the pair to continue moving downwards while forming wave [5] of 3.