Analysis for June 15th, 2012
The NZD/USD currency pair is still being corrected. It looks like the price is finishing te formation of wave (C) of 
. In the near term, we can expect a reverse and then the price may continue falling down inside the current bearish trend.
As we can see at the H1 chart, price is forming the third wave inside wave (C)
. The pair may continue growing up for a while, but after that we can expect the price to complete wave 
and start forming an initial descending impulse.
It looks like Euro is finishing the formation of zigzag
pattern inside wave (4)
. The pair may reach a new local maximum during the day. After that we can expect the price to finish the correction and continue falling down in wave (5)
More detailed wave structure is shown on the H1 chart. The pair is forming the third wave inside wave C
. We can see that Euro is growing up, but very slowly. Most likely, in the nearest future the price will make a reverse and start forming an initial descending impulse.