Wave Analysis 07.06.2012 (NZD/USD, EUR/USD)

Analysis for June 7^th, 2012

NZD/USD

It looks like the price is finishing the formation of wave (4). There is a possibility that the pair may start forming a descending wave (5) of [3] in the nearest future. After that we can expect the price to reach a new local minimum.



We may assume that wave (4) is taking the form of double zigzag pattern, the structure of the correction implies that it may have already been finished. Most likely, within the next several hours the pair will start forming a descending wave (5) of [3].

EUR/USD

There is a possibility that wave (4) may take the form of horizontal triangle pattern. In this case, the corrective movement may continue for several more days. After that we can expect the price to start falling down again while forming the fifth wave.



More detailed wave structure is shown on the H1 chart. There is a possibility that wave (4) may take the form of horizontal triangle pattern. In this case, the corrective movement may continue for several more days. After that we can expect the price to start falling down again while forming the fifth wave.