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May 25 03:11 GMT

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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 | May 22 15 09:13 GMT

Euro's retreat after rising to 136.96 earlier this week suggests consolidation below this level would be seen, however, as long as 133.92-95 holds, prospect of another rebound remains, above 135.80-85 would suggest the retreat from 136.96 has ended and bring another test of this level, break there would extend the rise from 126.09 low for retracement of early decline from 149.79 to 137.90-95

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 22 15 08:59 GMT

Although the greenback staged a strong rebound since early this week and near term upside risk is seen for the bounce from 1.1920 (last week's low) to bring retracement of recent fall to 1.2270 (38.2% Fibonacci retracement of 1.2835-1.1920), reckon upside would be limited to 1.2306 resistance and bring another decline later. Below the Tenkan-Sen (now at 1.2088) would suggest the rebound from 1.1920 has possibly ended, bring further fall too 1.2000

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 21 15 09:15 GMT

Current break of previouos support at 0.7117 adds credence to our view that correction from recent low of 0.7014 has ended at 0.7483 earlier and downside bias is seen for further weakness to 0.7050, then retest of said support, however, break there is needed to confirm early decline has resumed and extend fall to psychological support at 0.7000, then towards 0.6950-60 but near term oversold condition should prevent sharp fall below 0.6900, bring rebound later.

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 21 15 09:00 GMT

Although the single currency rebounded to 1.0502 earlier this week, as thr pair has retreated after faltering below previous resistance at 1.0524, retaiing our view that further choppy trading would be seen and weakness to 1.0345-50 cannot be ruled out, however, reckon support at 1.0305 would limit downside and bring further consolidation. Only break of support at 1.0235 would signal the fall from 1.0812 top has resumed and extend further decline to 1.0170-75 (61.8% Fibonacci retracement of 0.9776-1.0812)

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 20 15 09:26 GMT

Aussie did find renewed buying interest at 94.35 (we recommended in our previous update made on 6 May to buy at 94.40 and a long position was entered) and rallied in line with our bullish expectation, indicated upside target at 97.00 had been met as price rose to as high as 97.30 (with 260 points profit). Having said that, as the pair then retreated from there since last week, suggesting consolidation below this level would be seen

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 20 15 09:08 GMT

Aussie did stage the anticipated rise and our long position entered at 0.7860 met indicated upside target at 0.8060 with 200 points profit, although the pair continued moving higher and reached a high of .8163 late last week, the subsequent sharp retreat suggests top has possibly been formed there and consolidation with mild downside bias is seen for test of the Kijun-Sen (now at 0.7868), then towards indicated support at 0.7788

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 19 15 08:46 GMT

Despite last week's rise to 1.5815, the subsequent sharp retreat suggests a temporary top has possibly been formed there and consolidation with mild downside bias is seen for test of the Tenkan-Sen (now at 1.5490), however, a daily close below there is needed to add credence to this view, bring retracement of early upmove towards the Kijun-Sen (now at 1.5391) but reckon previous support at 1.5355 would hold on first testing

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 19 15 08:20 GMT

Despite early anticipated fall to 0.9079 (our short position entered at 0.9300 met target at 0.9100 with 200 points profit), as the greenback staged a strong rebound after holding above previous support at 0.9072, suggesting low has possibly been formed there and consolidation with upside bias is seen for test of the Kijun-Sen (now at 0.9434) but a daily close above there is needed to add credence to this view, bring further gain to 0.9500

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 18 15 08:51 GMT

Although the single currency rose again after finding renewed buying interest at 1.1131, as recent rise is losing momentum, reckon upside would be limited and price should falter below 1.1515-20 (50% Fibonacci retracement of 1.2570-1.0462), bring retreat later, below the Tenkan-Sen (now at 1.1299) would suggest top has possibly been formed, bring weakness to 1.1200-05

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 18 15 08:12 GMT

Despite last week's fall to 118.89, as the greenback has rebounded again after holding above indicated key support at 118.33, retaining our view that further consolidation and another bounce to 120.28 cannot be ruled out, however, a daily close above resistance at 120.85 is needed to signal the fall from 122.03 has ended and bring further gain towards resistance area at 121.52-67, once this level is penetrated, this would signal upmove has resumed for a retest of 122.03

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 15 15 08:56 GMT

The single currency only eased to 133.49 earlier this week before finding renewed buying interest there and euro has resumed recent rise from 126.09, adding credence to our bullishness for this rise to bring retracement of early decline from 149.79 to previous resistance at 136.69, break there would encourage for headway to 137.90-95 (50% Fibonacci retracement of 149.79-126.09), however, reckon upside would be limited to 139.00

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 15 15 08:31 GMT

The greenback fell again after faltering below resistance at 1.2163, suggesting recent decline from 1.2835 top is still in progress and downside risk remains for further weakness to 1.1900 and then 1.1850 but reckon previous support at 1.1800-05 would limit downside and price should stay well above 1.1725-30 (50% Fibonacci retracement of 1.0621-1.2835), bring another rebound later.

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 14 15 09:16 GMT

Despite last week's rebound to 0.7483, the subsequent stronger-than-expected retreat suggest the correction from 0.7014 has possibly ended there and test of support at 0.7117 cannot be ruled out, however, a daily close below there is needed to add credence to this view, bring further fall to 0.7050, then retest of said support at 0.7014 which is likely to hold on first testing, bring recovery later.

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 14 15 09:07 GMT

Despite last week's fall to 1.0305, as the single currency found good support there and has rebounded since, suggesting further consolidation would be seen with mild upside bias for another bounce towards resistance at 1.0524, however, break there is needed to revive near term bullishness and extend the rebound from 1.0235 for retracement of early decline to 1.0600. Above there would add credence to our view that low has been formed at 1.0235

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 13 15 09:07 GMT

Aussie has rebounded after holding above indicated support at 0.7788 (last week's low), retaining our bullishness for the rise from 0.7533 low to bring another test of said resistance at 0.8076, break there would add credence to our view that low has been formed at 0.7533 last month, bring retracement of early decline to 0.8100, then 0.8150, however, reckon upside would be limited to 0.8200

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 13 15 08:36 GMT

Despite last month's late rise to 0.7744, lack of follow through buying and the subsequent stronger-than-expected retreat below previous support at 0.7392 suggest the rebound from 0.7177 has ended there and consolidation with downside bias is seen for weakness to 0.7275-80, however, a daily close below there is needed to add credence to this view, bring resumption of medium term decline for retest of 0.7177

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 12 15 09:10 GMT

As the British pound found renewed buying interest at 1.5089 and has rallied again, suggesting the rise from 1.4566 low is still in progress and mild upside bias is seen for this move to bring retracement of early decline to 1.5670-80 and then towards 1.5770-80 (61.8% Fibonacci retracement of 1.6525-1.4566), however, near term overbought condition should prevent sharp move beyond previous resistance at 1.5826 and price should falter below 1.5875-80

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 12 15 08:47 GMT

Although the greenback rebounded after falling to 0.9072 last week, reckon 0.9395-00 (61.8% Fibonacci retracement of 0.9599-0.9072) would cap upside and bring another decline, below 0.9200-05 would bring another fall towards said support at 0.9072, break there would signal the fall from 1.0129 is still in progress and extend weakness to psychological support at 0.9000 and possibly towards 0.8950 but reckon downside would be limited to 0.8890-00

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 11 15 09:16 GMT

As the single currency has retreated after rising to 1.1392 last week, suggesting consolidation below this level would be seen initially and pullback to support at 1.1066 cannot be ruled out, however, reckon the upper Kumo (now at 1.1057) would limit downside and the Kijun-Sen (now at 1.0956) should hold, bring another rise later. A break of said resistance at 1.1392 would extend the erratic rise from 1.0462 low to resistance at 1.1450

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 11 15 08:31 GMT

Although the greenback retreated to 119.06 last week, dollar found renewed buying interest there and has rebounded, retaining our view that further consolidation within early established range is in store and test of 120.30-35 cannot be ruled out, however, reckon resistance at 119.51 (last week's high) would limit upside and price should falter below resistance at 120.85. Only a daily close above this resistance would signal the fall from 122.03 has ended

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Advanced Candlesticks and Ichimoku Strategies for Forex Trading

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