Wave Analysis 28.08.2012 (NZD/USD, EUR/USD)

Analysis for August 28^th, 2012

NZD/USD

We may assume that the pair is starting to fall down and form wave (3). Earlier, the price completed wave 2 in the form of a long zigzag pattern. In the near term, we can expect New Zealand Dollar to break the local minimum.



At the H1 chart we can see several initial descending waves at a time. The price finished wave (2) several days ago. Most likely, in the nearest future the pair will continue falling down and form wave 3.

EUR/USD

Well, it looks like wave [4] hasn’t been completed yet, the correction is taking the form of double zigzag pattern. On the minor wave level Euro is forming wave C. Most likely, in the nearest future the price will make a reverse and start moving downwards inside wave [5] of 3.



More detailed wave structure is shown on the H1 chart. We may assume that wave B has been already finished. The price may continue growing up a bit inside wave C during Tuesday, but in several days it will most certainly make a reverse.