Wave Analysis 18.07.2012 (NZD/USD, EUR/USD)
18.07.2012
Analysis for July 18th, 2012
NZD/USD
After finishing zigzag pattern in wave 2, the price completed a descending impulse in wave (1). It looks like the local correction is about to be finished soon. Most likely, in the nearest future the pair will start moving downwards while forming wave (3).
As we can see at the H1 chart, after completing an impulse in wave (1), the price started the correction. We may assume that wave may have already been finished in the form of zigzag pattern. During the next several hours we can expect the price to start falling down in wave (3).
EUR/USD
The price is finishing the fourth wave. In the nearest future Euro may start moving downwards again inside a bearish wave 5 of (5). The target for the sellers is still at the level of 1.2000.
More detailed wave structure is shown on the H1 chart. After completing diagonal triangle pattern in wave [5] of 3, the price started the correction. It looks like wave 4 is taking the form of double zigzag pattern. On the minor wave level we can see the formation of wave [Y]. There is a possibility that during the next several hours the price may start forming a descending wave [1].
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.