Analysis for March 30th, 2012
NZD/USD
It looks like the price, after completing
flat pattern in wave
[2], started falling down inside the third one. Currently the local correction is taking place. Most likely, in the nearest future the price will start moving downwards again.
After completing a descending impulse in wave
1, the price started forming
flat pattern inside the second one. We may assume that the correction will be finished soon. During the next several days we can expect the price to start moving downwards while forming wave
3.
EUR/USD
We may assume that
zigzag pattern in wave
[2] has been finished, and right now the market is in the very beginning of wave
[3]. We can’t exclude a possibility that Euro may continue falling down much lower during the next several days.
The current wave chart indicates that after finishing
diagonal triangle pattern in wave
(C) of [2], the pair formed an initial bearish impulse. At the moment the price is forming
flat pattern in wave
2. In the near term, we can expect the start of the third wave.