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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 | Oct 31 14 08:22 GMT

Current rally signals recent decline has formed a low at 134.14 earlier (with a hammer candlestick bullish reversal pattern) and consolidation with upside bias is seen for further gain to 140.50, then towards previous resistance at 141.23) but a daily close above there is needed to provide confirmation, this would also suggest recent fall from 145.69 top has ended and bring further rise towards 142.40-50 but strong resistance area at 143.48-79 would remain intact.

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 31 14 08:00 GMT

As the greenback has retreated after rising to 1.1386 earlier this month, retaining our view that further consolidation below this level would be seen and pullback to 1.1100 cannot be ruled out, however, reckon support at 1.1082 would contain downside and bring another rise later. Above 1.1300 would bring retest of said resistance at 1.1386, break there would confirm recent upmove has resumed and extend headway to 1.1440-45

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 30 14 09:44 GMT

As the single currency has remained under near term pressure after retreating from 0.8047 (this month's high), suggesting initial downside risk remains for weakness to 0.7825-30, however, if our view that low has possibly been formed at 0.7766 is correct, downside should be limited to 0.7800 and bring another rebound later, above 0.7950 would bring rebound to 0.8000 but only break of resistance at 0.8066 add credence to this view

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 30 14 09:36 GMT

As the single currency has remained under pressure after retreating sharply from 1.2140, retaining our view that near term downside risk remains for test of support at 1.2045, break there would extend marginal weakness, however, as broad outlook is still consolidative, reckon 1.2000 would hold and bring another rebound later. Above the flat Kijun-Sen 1.2097) would bring test of the upper Kumo (now at 1.2112), then said resistance at 1.2140

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 29 14 09:58 GMT

Although aussie tumbled to 91.80, the subsequent rebound from there formed a hammer candlestick pattern (with a long lower shadow) on the daily chart, suggesting the fall from 98.65 top has ended there and consolidation with upside bias is seen for test of the lower Kumo (now at 96.30), however, break of the Ichimoku cloud top (now at 97.19) is needed to retain bullishness and bring eventual gain towards recent high at 98.65 (last month's top).

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 29 14 09:46 GMT

Current rebound after finding support at 0.8719 last week has retained our view that further consolidation above recent low at 0.8643 would be seen and above 0.8899 resistance would bring retracement of recent decline to 0.8930-35 (38.2% Fibonacci retracement of 0.9402-0.8643), however, price should falter well below 0.9000 and bring another decline. A break of 0.8719 would bring retest of said support at 0.8643, below there would extend recent decline to 0.8590-00

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 28 14 09:16 GMT

Although the British pound retreated from 1.6184, as cable found renewed buying interest at 1.5995 as expected (we recommended to buy at 1.6000) and has rebounded since, retaining our view that further consolidation above recent low at 1.5875 would be seen and mild upside bias remains for another test of said resistance at 1,6174, however, a daily close above resistance at 1.6227 is needed to add credence to this view, bring retracement of recent decline to 1.6280-90

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 28 14 09:01 GMT

The greenback found renewed buying interest at 0.9398 last week and rebounded, retaining our bullishness and consolidation with upside bias remains for another rebound to 0.9560-70, however, break of 0.9590-00 is needed to signal retreat from 0.9690 has ended and bring retest of this level. Looking ahead, once this level is penetrated, this would signal recent upmove from 0.8699 low has resumed for headway to previous resistance at 0.9752

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 27 14 08:31 GMT

Although the single currency slipped last week to 1.2614, a daily close below support at 1.2600-05 is needed to signal the rebound from 1.2501 has ended at 1.2887 and bring retest of this level, once this support is penetrated, this would signal recent decline from 1.3993 top has resumed for weakness to 1.2470, break there would bring further fall to 1.2415-20 (2.618 times extension of 1.3993-1.3503 measuring from 1.3700) and possibly towards 1.2350

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 27 14 08:05 GMT

The greenback did find renewed buying interest at 106.25 as suggested (we recommended on 20th to buy at 106.35 and a long position was entered), dollar then staged the anticipated rebound late last week and indicated target at 108.35 was met with 200 points profit as the pair rose to as high as 108.38 earlier today.  This anticipated rebound adds credence to our view that the fall from 110.09 has possibly ended at 105.20 and bullishness remain for test of resistance at 108.74

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 24 14 10:00 GMT

Although the single currency dropped again after brief recovery and fell quite sharply to 134.14, the subsequent quick rebound formed a hammer (with a long lower shadow) bullish reversal pattern on the daily chart, suggesting low has possibly been formed there, hence consolidation with upside bias is seen for test of the Kijun-Sen (now at 137.69), however, a daily close above there is needed to add credence to this view, bring a stronger rebound to 138.50-60

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 24 14 09:45 GMT

Despite last week's rise to 1.1386, the subsequent retreat suggests consolidation below this level would be seen and pullback to the Kijun-Sen (now at 1.1143) cannot be ruled out, however, reckon support at 1.1082 would contain downside and bring another rise later. Above 1.1300 would bring retest of said resistance at 1.1386, break there would confirm recent upmove has resumed and extend headway to 1.1440-45

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EUR/GBP - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 23 14 09:28 GMT

Although euro's stronger-than-expected rebound to 0.8047 (this month's high) suggests recent decline has possibly formed a low at 0.7766 earlier, the subsequent retreat from there indicate further choppy trading within 0.7766-0.8047 would be seen and weakness to 0.7850 cannot be ruled out, however, reckon 0.7800 would limit downside and bring rebound later. Above the Ichimoku cloud (now at 0.7970-79) would bring another test of said resistance at 0.8047

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 23 14 09:15 GMT

Euro's retreat after meeting renewed selling interest at 1.2140 has retained our view that near term downside risk remains for test of support at 1.2045, break there would extend marginal weakness, however, as broad outlook is still consolidative, reckon 1.2000 would hold and bring another rebound later. Above the Kijun-Sen 1.2097) would bring test of the upper Kumo (now at 1.2112), then said resistance at 1.2140

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 22 14 09:45 GMT

Although kiwi has recovered after early selloff to 0.7709 and further consolidation above this level would be seen, still reckon upside would be limited to 0.8030-35 and bring another decline later, below 0.7795-00 would signal the recovery from 0.7709 has ended and bring retest of 0.8836 top has resumed for a test of last year's low at 0.7683. A sustained breach below this level would encourage for the decline from 0.8836 to extend weakness towards 0.7600 and eventually 0.7500

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 22 14 09:42 GMT

The Australian dollar continued to find good support above recent low at 0.8643, retaining our view that minor consolidation above this level would be seen and initial upside risk remains for another corrective bounce to 0.8900. then towards 0.8930-35 (38.2% Fibonacci retracement of 0.9402-0.8643), however, price should falter well below 0.9000 and bring another decline. A break of said support at 0.8643 would extend recent decline to 0.8590-00

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 21 14 09:43 GMT

Although the British pound fell again and hit a low of 1.5875 last week, the subsequent rebound suggest consolidation above this level would be seen and test of the Kijun-Sen (now at 1.6200) is likely, however, a daily close above resistance at 1.6227 is needed to add credence to this view, bring retracement of recent decline to 1.6280-90, break there would encourage for a stronger rebound towards the lower Kumo (now at 1.6391).

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 21 14 09:38 GMT

Although the greenback slipped last week to as low as 0.9360, as the pair has rebounded after holding above indicated level at 0.9353-57 (previous support and 50% Fibonacci retracement of 0.9024-0.9690), retaining our bullishness and as long as this level holds, consolidation with upside bias is seen for another rebound to 0.9560-70, however, break of 0.9590-00 is needed to signal retreat from 0.9690 has ended and bring retest of this level.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 20 14 10:03 GMT

The single currency found renewed buying interest just above 1.2600 level and has rebounded again last week, retaining our view that further consolidation above recent low at 1.2501 would be seen and another corrective bounce to last week's high of 1.2887 cannot be ruled out, however, reckon upside would be limited to 1.2965-70 (50% Fibonacci retracement of 1.3433-1.2501) and 1.3000 should hold, price should falter well below 1.3077

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 20 14 09:32 GMT

Although the greenback met renewed selling interest at 107.50 and dropped again late last week to 105.20, the subsequent rebound suggests fall from 110.09 has possibly ended there (or at least first leg of decline), hence consolidation with mild upside bias is seen for test of said resistance at 107.50, then the Kijun-Sen (now at 107.65), above there would add credence to this view, bring a stronger rebound to 108.15-20, however, reckon resistance at 108.74 would limit upside

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