Wave Analysis 30.07.2012 (NZD/USD, EUR/USD)
30.07.2012
Analysis for July 30th, 2012
NZD/USD
It looks like the price is completing zigzag pattern in wave 2 with wave [C] inside it. Earlier the pair finished wave [B] in the form of flat pattern. In the future, the price may finish the ascending correction and then start moving downwards.
More detailed wave structure is shown on the H1 chart. The price has formed an extension inside wave (3). At the moment the pair is being corrected inside the fourth wave. In the near term, we can expect the price to continue growing up while forming wave (5) of [C].
EUR/USD
We can’t exclude a possibility that the price may continue forming wave [4] for a while. Earlier the pair completed an extension inside wave [3]. On the minor wave level the price finished an initial impulse in wave (A). In the near term, we can expect Euro to complete wave (B) and then grow up a bit inside wave (C) of [4].
As we can see at the H1 chart, the price finished wave (A) and then started the correction, which may take place for the next several days. In the future, we can expect Euro to form one more bullish wave and then start moving downwards.
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.