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Candlesticks and Ichimoku Weekly Analysis

Candlesticks and the Ichimoku Kinko Hyo are two technical charting tools invented by Japanese. When combined with traditional technical analysis methods, for example, trend analysis, pattern recognition and Fibonacci percentage of retracements and projections, these two tools work amazingly well in forecasting the market movements, especially in very volatile market conditions.

  • The intraday trade ideas section provides trading strategies for traders to profit from fast moving markets.
  • The weekly analysis section provides analysis from a short to medium time frame for position traders.


GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 03 15 10:04 GMT

Although the British pound has retreated after rising to 1.5552 (exactly 38.2% Fibonacci retracement of 1.6525-1.4951) last week and initial downside bias is seen for weakness towards the Kijun-Sen (now at 1.5271), reckon 1.5195-00 would limit downside and near term upside risk remains for another corrective rise, above said resistance at 1.5552 would bring retracement of recent decline to resistance at 1.5620 but price should falter below 1.5735-40 (50% Fibonacci retracement), bring another decline later.

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 03 15 09:49 GMT

The greenback only eased to 0.9450 before finding renewed buying interest again and dollar has continued to move higher, adding credence too our view that the strong rebound from 0.7401 low is still in progress, indicated upside target at 0.9553 and 0.9600-10 had been met and bullishness remains for such move to extend further gain to 0.9700-10, however, near term overbought condition should limit upside to 0.9800 and price should falter well below 0.9900, bring retreat later this month.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 02 15 10:17 GMT

Although the single currency has dropped late last week and a long black candlestick was formed on the daily chart, euro needs to penetrate recent low at 1.1098 to confirm recent downtrend has indeed resumed and the decline from 1.3993 top to 1.1050 and later 1.1000. Having said that, as the downward momentum is weakening, further sharp fall below 1.0900 should not be repeated and reckon 1.0795-00 (50% projection of 1.2570-1.1098 measuring from 1.1534) would hold

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 02 15 09:55 GMT

The greenback found support around the Kijun-Sen last week and has rebounded again since, retaining our bullishness and consolidation with upside bias remains for gain towards resistance at 120.48, however, break there is needed to retain bullishness and suggest a possible  upside break of early established broad range, then further rise to resistance at 120.83 would follow

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 27 15 10:33 GMT

The single currency slipped this week after meeting resistance just below 136.00 and initial weakness to 133.10-15 cannot be ruled out, however, reckon downside would be limited to 132.22 support and bring further consolidation. A daily close below this level would signal the rebound from 130.15 has ended there and bring weakness to 130.90-00, then retest of said support at 130.15.

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 27 15 10:17 GMT

The greenback continued to meet resistance below 1.2698 and has retreated again, suggesting further consolidation would be seen, however, downside should be limited to this week's low at 1.2388 and bring another rebound later, above the Kijun-Sen (now at 1.2576) would bring test of 1.2664 (this week's high) but break of said resistance at 1.2698 is needed to signal the pullback from 1.2799 has ended there, bring retest of this level.

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 26 15 08:39 GMT

The single currency has remained under pressure after resuming recent decline in line with our bearish expectations, suggesting the major fall from 2008 high of 0.9803 is still in progress and may extend further weakness to 0.7290-95 (50% projection of 0.8007-0.7405 measuring from 0.7592) and possibly towards 0.7220 (61.8% projection), however, oversold condition should prevent sharp fall below 0.7150

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 26 15 08:12 GMT

The single currency has traded narrowly after rising to 1.0812 last week and consolidation below this level would be seen, however, reckon the Tenkan-Sen (now at 1.0682) would limit downside and bring another rise later, above said resistance would signal recent rise from 0.8426 low is still in progress and extend gain to 1.0865-70, then 1.0900, however, reckon upside would be limited to 1.0950

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 25 15 08:51 GMT

Aussie found renewed buying interest at 0.7739 yesterday and has rebounded again, suggesting a test of the Kijun-Sen (now at 0.7930) would be seen, a daily close above there would signal a temporary low has been formed at 0.7626 earlier, then consolidation with upside biass would be seen for retracement of recent decline to 0.7960 (50% Fibonacci retracement of 0.8295-0.7626) and then psychological resistance at 0.8000 but reckon chart resistance at 0.8025 would limit upside

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 25 15 08:16 GMT

Although kiwi retreated after meeting resistance at 0.7574, as the pair found renewed buying interest at 0.7422 and has staged a quick rebound, suggesting near term upside risk remains for the rebound from 0.7177 low to bring a stronger retracement of recent decline, above 0.7574 would extend gain to previous support at 0.7609, then 0.7690-00, however, reckon upside would be limited to the lower Kumo (now at 0.7756)

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 24 15 10:08 GMT

Although the British pound has continued to trade with a firm undertone after staging a rebound from 1.4951 and near term upside risk remains for this rebound to bring retracement of recent decline, break of the upper Kumo (now at 1.5490) would extend gain to 1.5550-55 (38.2% Fibonacci retracement of 1.6525-1.4951), however, reckon upside would be limited to resistance at 1.5620 and price should falter well below 1.5735-40

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 24 15 08:43 GMT

The greenback has moved higher again after brief pullback, adding credence to our view that the strong rebound from 0.7401 low is still in progress, indicated upside target at 0.9400-10, 0.9450 and 0.9500-10 had been met, further gain to previous support at 0.9553 (now resistance) would be seen, however, near term overbought condition should limit upside to 0.9600-10, price should falter well below 0.9700, bring retreat later.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 23 15 08:22 GMT

Despite Friday's brief drop to 1.1279, as the single currency has rebounded after holding above indicated previous support at 1.1270, retaining our view that further consolidation would be seen and another bounce to 1.1450 (last week's high) cannot be ruled out, above there would signal another leg of corrective rise from recent low of 1.1098 is underway for gain to resistance at 1.1534, break there would bring retracement of recent decline to 1.1660

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 23 15 08:11 GMT

Although the greenback retreated quite sharply from 120.48 to 118.23, as dollar continued to find good support there and has rebounded, further consolidation is seen with mild upside bias for gain towards 119.90-00, however, break of said resistance at 120.48 is needed to retain bullishness and suggest a possible  upside break of early established broad range, then gain to resistance at 120.83 would follow, above there would signal medium term upmove has resumed for retest of 121.85.

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 17 15 09:00 GMT

Although the British pound surged again after early anticipated rebound and price rose to as high as 1.5441 yesterday, as this move from 1.4951 is viewed as retracement of recent decline, reckon upside would be limited to 1.5465-70 (61.8% Fibonacci retracement of 1.5786-1.4951) and the upper Kumo (now at 1.5530) should hold, price shuld falter well below resistance at 1.5620, risk from there is seen for a retreat to take place later

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 17 15 08:37 GMT

The greenback has continued to edge higher, adding credence to our view that the strong rebound from 0.7401 low is still in progress, indicated upside target at 0.9350 had been met and further gain to 0.9400-10 and possibly 0.9450 would be seen, however, near term overbought condition should limit upside to 0.9500-10 and previous support at 0.9553 (now resistance) should hold from here

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 16 15 08:50 GMT

As the single currency found renewed buying interest at 1.1270 early last week and has rebounded again, retaining our view that further consolidation above recent low at 1.1098 would be seen and another test of resistance at 1.1534 cannot be ruled out, however, reckon upside would be limited to 1.1660 (38.2% Fibonacci retracement of 1.1257-1.1098) and bring another decline later. Below 1.1300-05 would bring test of said support at 1.1270

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 16 15 08:22 GMT

Despite rising to 120.48, lack of follow through buying and the subsequent retreat suggest consolidation would be seen, however, reckon downside would be limited to 118.00 and bring another rebound later, above 119.20 would bring test of said resistance at 120.48 but break of strong resistance at 120.83 is needed to signal medium term upmove has resumed for retest of 121.85, otherwise, choppy trading would continue.

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 13 15 10:19 GMT

The single currency has continued to edge higher after rebounding from 130.15 (last month's low), suggesting near term upside bias remains for retracement of recent decline and gain to 136.65-70 (38.2% Fibonacci retracement of 147.22-130.15) is likely, however, reckon 137.64 (previous resistance) would limit upside and price should falter below 138.65-70 (50% Fibonacci retracement), bring another decline in late Q1.

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Feb 13 15 10:04 GMT

The greenback did stage the anticipated rebound after finding support at 1.2352 earlier this month, however, price just missed our indicated upside target of 1.2700 by 2 points and has retreated from 1.2698, suggesting further consolidation would be seen but reckon 1.2435-40 would limit downside and bring another rebound later, a break of said resistance at 1.2698 would signal the pullback from 1.2799 has ended there, bring retest of this level. Once this recent high is penetrated, this would signal medium term upmove has resumed and extend gain to 1.2850-60, then 1.2900-10

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