Analysis for August 8th, 2012
NZD/USD
We may assume that wave
2 has been finally completed. The correction has taken the form of
zigzag pattern with extended
flat pattern inside wave
[B]. Later we can expect the price to start forming an initial impulse inside wave
[1].
As we can see at the H1 chart, wave
(5) has been finished with the short fifth wave. The price has completed a bearish impulse inside wave
1. In the near term, we can expect the pair to finish the corrective movement and continue falling down while forming wave
3.
EUR/USD
We may assume that Euro has finally finished wave
[4] in the form of
zigzag pattern. The forecast of the price movement is still bearish. We can’t exclude a possibility that in the nearest future Euro may start falling down while forming wave
[5] of 3.
Wave
(C) was completed with
diagonal triangle pattern inside the fifth wave, and we can see that the price has already started forming a bearish wave
(1). In the future we can expect the pair to start falling down again and reach a new local minimum.