Wave Analysis 18.05.2012 (NZD/USD, EUR/USD)
18.05.2012
Analysis for May 18th, 2012
NZD/USD
New Zealand Dollar continues moving downwards steadily in wave (3). On the minor wave level the price is finishing the formation of the third wave. In the near term, we can expect a slight correction, however, after that the price may continue falling down while forming wave 5 of (3).
More detailed wave structure is shown on the H1 chart. As we can see, the price is forming wave [5] of 3. The structure of wave 3 looks almost completed, and we can expect a short correction to take place. After that the market may continue moving downwards.
EUR/USD
The level of 1.3000, which used to seem unreachable, is now way behind. Euro continues falling down in wave (3) with the third wave being completed inside it. In the nearest future we can’t exclude a possibility of the correction, however, after that the price may continue moving downwards.
More detailed wave structure is shown on the H1 chart. Yesterday the price finished wave [4] and then reached a new local minimum. The forecast of the price movement is still bearish. It looks like the market is going to reach the level of 1.2500 within the next several days.
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.