Wave Analysis 29.08.2012 (NZD/USD, EUR/USD)

Analysis for August 29^th, 2012

NZD/USD

Yesterday the market renewed the minimum of wave (1). At the moment the pair is forming the third wave. In the near term, we can expect the price to continue falling down. The target for the bears for the next several days is at the level of 0.7800.



At the H1 chart we can see that the price is moving downwards and forming wave 3. Earlier the pair finished wave (2) in the form of zigzag pattern. Most likely, the price will continue falling down during the next several days.

EUR/USD

At the H4 chart the price continues the corrective movement. We may assume that wave [4] is taking the form of double zigzag pattern. On the minor wave level Euro is forming wave C of (Y). In the near term, we can expect the price to continue growing up.



Yesterday the pair completed wave B, an initial ascending impulse inside wave [1]. The local correction may be finished during the day. Later, the price will most certainly grow up a little bit inside wave [3] of C.