Wave Analysis 11.04.2012 (NZD/USD, EUR/USD)
11.04.2012
Analysis for April 11th, 2012
NZD/USD
After completing zigzag pattern with a long wave (B) inside it, the price formed an initial descending impulse. It looks like wave (2) has been already finished and right now the market is on the verge to continue falling down inside the third one. In the near term, we can expect the descending trend to start again.
As we can see at the H1 chart, wave (2) took the form of double zigzag pattern. The price formed a bearish impulse in wave 1. Right now the local correction is taking place, and after it is finished, the price will start wave 3.
EUR/USD
The price finished zigzag pattern in wave [3] and started the third one immediately. On the minor wave level we can see that wave (1) is almost completed. We can expect a slight correction, and after that the price may continue moving downwards while forming wave (3).
More detailed wave structure is shown on the H1 chart. Wave (4) was finished in the form of flat pattern, and the price started forming diagonal triangle inside wave 5 of (1). Most likely, Euro will continue falling down in wave [3] during the week.
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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.