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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.


EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 25 14 09:39 GMT

The single currency only recovered to 138.45 before running into renewed selling interest around the Tenkan-Sen (we recommended to sell at 138.60 and missed the short entry), the pair then dropped to as low as 136.37 yesterday before recovering, suggesting minor consolidation would be seen and recovery to the Kijun-Sen (now at 137.83) cannot be ruled out, however, said resistance at 138.45 should hold and bring another decline.

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 25 14 09:03 GMT

Although the greenback staged a strong rebound after holding above this month's low at 1.0621, as price ran into resistance at 1.0794 and has retreated, suggesting consolidation would be seen and as long as this level holds, mild downside bias remains, a daily close below support at 1.0709 would suggest the rebound from 1.0621 has possibly ended and bring another fall towards this level.

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 24 14 10:33 GMT

Although the single currency fell again this week, loss of near term downward momentum should prevent sharp fall below 0.7850 and risk has increased for a corrective bounce to take place soon, above the Kijun-Sen (now at 0.7954) would bring recovery to 0.8000-05, however, renewed selling interest should emerge around 0.8030-40 and extend the decline from 0.8815 (2013 high) to 0.7810-15 but price should stay well above previous chart support at 0.7756

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 24 14 10:04 GMT

The single currency remained confined within near term established range and reckon resistance at 1.2165 would limit downside and near term downside risk remains for another test of support at 1.2134, break there would extend the fall from 1.2250 to previous support at 1.2104, however, only a drop below there would signal early decline from 1.2650 top has resumed for further weakness to 1.2060-65 but price should stay above support at 1.2031

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 23 14 07:33 GMT

Although kiwi resumed recent upmove and rose to as high as 0.8836, the subsequent sharp retreat suggests a temporary top is possibly formed and consolidation with mild downside bias is seen for test of the Ichimoku cloud top (now at 0.8591), however, a daily close below there is needed to add credence to this view, bring retracement of recent upmove to the lower Kumo (now at 0.8551) but reckon minor support at 0.8480 would limit downside

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 23 14 07:27 GMT

Aussie's met renewed selling interest at 0.9457 and has retreated again, retaining our view that top is possibly formed at 0.9505 earlier this month and consolidation below this level should continue with mild downside bias for retracement of recent rise, below last week's low at 0.9329 (this would also penetrate the Ichimoku cloud (now at 0.9332-35) would add credence to this view, bring correction to 0.9250-60, then towards 0.9203-09 support

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 22 14 06:56 GMT

Although the British pound did find renewed buying interest at 1.7060 last week (we recommended to buy cable at 1.7065) and resumed recent upmove to as high as 1.7192, lack of follow through buying on break of previous resistance at 1.7180 and the subsequent retreat from 1.7192 suggest a temporary top is possibly formed there, hence consolidation below this level would be seen with mild downside bias for weakness to 1.7000, however, a daily close below support at 1.6952 is needed too provide confirmation, bring retracement of recent upmove to 1.6890-00

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 22 14 06:50 GMT

The greenback found renewed buying interest just below 0.8900 and has rallied again last week, adding credence to our view that retreat from 0.9037 has ended at 0.8856 earlier this month and retest of said resistance would be seen, however, only a break of 0.9037 would retain bullishness and extend the erratic rise from 0.8699 low for retracement of early decline to resistance at 0.9082, above there would encourage for a stronger rebound towards previous chart resistance at 0.9157 (this year's high) which is likely to hold from here.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 21 14 07:02 GMT

The single currency met renewed selling interest at 1.3651 earlier this month (we recommended to sell at 1.3640 on 7 July 2014 and a short position was entered) and has fallen below last month's low at 1.3503, adding credence to our bearish view for the decline from 1.3993 top to extend further weakness to previous support at 1.3477. Looking ahead, a daily close below this support would retain bearishness and extend this decline for correction of early upmove towards another previous support at 1.3399

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 21 14 05:10 GMT

The greenback ran into renewed selling interest after failing to close above the Tenkan-Sen and dropped quite sharply late last week, dampening our near term bullishness and indicated key support at 100.76-82 needs to hold for prospect of another rebound to last week's high at 101.79, a daily close above there (this would also be a closing above the Kijun-Sen) would suggest low is possibly form4d, bring test of the lower Kumo (now at 102.01), then previous resistance at 102.27.

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 11 14 08:22 GMT

The single currency met renewed selling interest at 139.28 last week and has fallen again, yesterday's breach of previous support at 137.71 adds credence to our bearish expectations for recent decline from 143.79 to resume, hence downside bias remains for weakness to 137.00, then test of support at 136.23, however, a drop below there is needed to confirm early fall from 145.69 top has resumed and bring further weakness to 135.50 and possibly towards 135.00

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 11 14 08:03 GMT

As the greenback has slipped again after brief recovery to 1.0694, bearishness remains for recent decline from 1.1279 top to bring a stronger correction of early upmove to 1.0600-05 (61.8% Fibonacci retracement of 1.0182-1.1279), then 1.0550, however, near term oversold condition should prevent sharp fall below 1.0500 and reckon 1.0450-60 (50% Fibonacci retracement of 0.9633-1.1279) would contain downside, risk from there is seen for a rebound

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 10 14 08:46 GMT

As the single currency has recovered after falling to 0.7915 earlier this week, suggesting minor consolidation above this level would be seen and corrective bounce to 0.8000 cannot be ruled out, however, reckon the Kijun-Sen (now at 0.8028) would limit upside and bring another decline later, break of said support would extend the decline from 0.8815 (2013 high) to 0.7900, then towards 0.7850-60

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 10 14 08:23 GMT

Although the single currency recovered after falling to 1.2134 early last week and consolidation above this level is in store, reckon the Kijun-Sen (now at 1.2171) would limit upside and downside risk remains for another decline towards previous support at 1.2104, however, break there is needed to signal early decline from 1.2650 top has resumed for further weakness to 1.2060-65 but price should stay above support at 1.2031

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 09 14 07:34 GMT

The Australian dollar ran into strong resistance at 96.50 again last week and has retreated since, suggesting further consolidation below this level would be seen and mild downside bias is for test of the Ichimoku cloud (now at 94.27-49), however, a daily close below there is needed to signal top is possibly formed, bring weakness to 93.70-75, however, only a sustained breach below support at 93.05 would provide confirmation, bring eventual fall to 92.10-15

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 09 14 07:30 GMT

Despite last week's resumption of upmove to 0.9505, the subsequent retreat from there to 0.9330 suggests top has possibly been formed there and consolidation below said resistance would be seen with mild downside bias for a test of support at 0.9322, however, a daily close below there is needed to add credence to this view, bring test of the upper Kumo (now at 0.9288) but only a sustained breach below the lower Kumo (now at 0.9249) provide confirmation

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 08 14 08:12 GMT

The British pound surged again last week and and broke above previous resistance at 1.7063, adding credence to our bullishness and indicated upside targets at 1.7130-35 (50% projection of 1.6699-1.7063 measuring from 1.6952) and 1.7175-80 (61.8% projection) had been met last week, upside bias remains for medium term uptrend to extend further gain towards 1.7225-30 (100% projection of 1.6460-1.6996 measuring from 1.6693) would be seen, above there would encourage for headway to 1.7300-10

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 08 14 08:09 GMT

Although the greenback fell initially to 0.8856 early last week, as dollar found good support there and has staged a stronger-than-expected rebound, suggesting low is possibly formed there and consolidation with mild upside bias is seen, however, break of 0.8975 is needed to signal correction from 0.9037 has ended at 0.8856, bring further gain to 0.9013, then retest of said resistance at 0.9037. Looking ahead, only a break of 0.9037 would retain bullishness and extend the erratic rise from 0.8699 low for retracement of early decline to resistance at 0.9082

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 07 14 09:28 GMT

The single currency went into heavy offer at 1.3700 last week and dropped quite sharply from there (we recommended to sell at 1.3730 and missed the entry), this anticipated retreat suggests the rebound from 1.3503 has ended at 1.3700, hence downside bias is seen for weakness to 1.3515-25, however, break of said support at 1.3503 is needed to extend early fall from 1.3993 top for retracement of recent upmove to indicated strong support at 1.3477.

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 07 14 09:00 GMT

Although the greenback fell initially to 101.24 early last week, as dollar found good support there and has staged a strong rebound last week, suggesting the retreat from 102.80 has ended there, hence consolidation with mild upside bias is seen for test of the upper Kumo (now at 102.48), however, a daily close above there is needed to add credence to this view, bring test of said resistance, break there would bring a stronger rebound to 103.40-50.

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