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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.


NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 16 14 07:20 GMT

Although kiwi did find renewed buying interest at 0.8514 earlier this month (we recommended in our previous update to buy at 0.8560 and a long position was entered) and resumed recent upmove to as high as 0.8746 (just missed our upside target at 0.8760), lack of follow through buying and current retreat suggest consolidation below this level would be seen and downside risk has increased for a test of the Kijun-Sen

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 16 14 07:17 GMT

Although aussie extended recent upmove to 0.9461 last week, the quick retreat from there formed a shooting star on the daily, hence consolidation below this level would be seen and pullback to 0.9290-00 and possibly 0.9250-55, however, reckon previous support at 0.9206, however, previous resistance at 0.9133 would contain downside and bring another rise later.

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 15 14 06:21 GMT

Although the British pound did rally last week in line with our bullish expectation, our long position entered at 1.6500 met target at 1.6700 with 200 points profit, as the pair has retreated late last week after failing to test recent high of 1.6823, suggesting consolidation below this key level would be seen in the near term, hence downside risk is for correction to the Tenkan-Sen (now at 1.6688), break there would bring weakness towards the Kijun-Sen (now at 1.6640)

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 15 14 06:17 GMT

Despite early brief rise to 0.8953, the subsequent selloff formed 4 consecutive black candlesticks on the daily chart last week, dampening our bullishness and price fell to as low as 0.8743 late last week before recovering. A doji star was formed on Friday, hence consolidation above this level would be seen initially, however, reckon upside would be limited to the Kijun-Sen (now at 0.8826) and the Tenkan-Sen (now at 0.8848) should hold, bring another decline.

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

Euro's stronger-than-expected rebound from 1.3673 signals the retreat from 1.3967 has ended and gain towards this level cannot be ruled out, however, above there is needed to signal the rise from 2012 low of 1.2042 has resumed and extend gain to 1.4000-10 (psychological resistance and 1.236 times projection of 1.3477-1.3773 measuring from 1.3643) but reckon upside would be limited to 1.4045-50

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 14 14 06:51 GMT

Despite rising to 104.13 earlier this month, as the greenback ran into heavy offers and dropped sharply from there, suggesting the rebound from 100.76 has ended at 104.13 and another test of this level would be seen, however, break there is needed to signal early fall from 105.44 top has resumed for weakness towards 99.95-100.00 (61.8% Fibonacci retracement of 96.57-105.44 and psychological support).

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 11 14 07:39 GMT

Despite last week's rebound to 143.48, as the single currency met renewed selling interest below previous resistance at 143.79 and has retreated again, further consolidation would be seen and as long as said resistance at 143.79 holds, mild downside bias is seen for weakness to the Ichimoku cloud bottom (now at 139.39), break there would add credence to our view that rebound from 136.23 has ended at 143.79, bring further weakness to another previous support at 138.79

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 11 14 07:16 GMT

Although the greenback has recovered from 1.0858, this week's breach of the Ichimoku cloud bottom adds credence to our view that a temporary top has been formed at 1.1279, hence upside should be limited to the Ichimoku cloud top (now at 1.1088) and bring another decline, break of said support at 1.0858 would extend the fall from 1.1279 for correction of recent upmove to 1.0800, then towards 1.0730-37 (50% Fibonacci retracement of 1.0182-1.1279 and previous resistance)

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 10 14 07:27 GMT

The single currency met renewed selling interest at 0.8315 last week and fell again, suggesting near term downside risk remains for the decline from 0.8400 to extend marginal weakness, however, downside should be limited to support at 0.8204 and reckon 0.8190-91 would hold from here, bring another rebound later. Above the Tenkan-Sen (now at 0.8273) would bring test of the Kijun-Sen

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 10 14 07:09 GMT

Despite last week's brief rise to 1.2250, as the single currency has retreated after faltering below indicated resistance at 1.2261, suggesting caution on our bullishness and support at 1.2171 needs to hold to retain prospect of another rise, above said resistance at 1.2250-61 would add credence to our view that low has been formed at 1.2104 bring a stronger rebound to 1.2297-00

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 09 14 07:39 GMT

Despite last week's late rise to 96.50, as aussie met strong resistance there and has retreated, suggesting consolidation below this level would be seen and pullback to previous resistance at 94.45 cannot be ruled out, however, reckon the Kijun-Sen (now at 93.50) would limit downside and bring another rise later. A break of said resistance at 0.9650 would signal the rise from 86.45 is still in progress

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 09 14 07:16 GMT

Aussie found renewed buying interest at 0.9206 last week and has risen again, suggesting recent rise from 0.8660 is still in progress and indicated upside target at 0.9335-40 (61.8% Fibonacci retracement of 0.9758-0.8660) had been met, upside bias remains for further gain to 0.9400, then towards previous resistance at 0.9448

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 08 14 07:10 GMT

Failure to extend early rebound from 1.6460 and last week's retreat suggest consolidation would be seen but as long as support at 1.6555 holds, prospect of another rebound remains, above said resistance at 1.6660-65 would extend the rise from 1.6460 towards resistance at 1.6718, a daily close above there would suggest correction from 1.6823 top has ended and further gain to 1.6786

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 08 14 07:06 GMT

The greenback found renewed buying interest at 0.8815 last week (we recommended to buy at 0.8800) and rallied to as0.8953 on Friday before retreating, as a small shooting star was formed on the daily chart, suggesting consolidation below said resistance would be seen and initial pullback towards support at 0.8844 cannot be ruled out, however, as long as said support at 0.8815 holds, prospect of another rise remains.

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

The single currency only recovered to 1.3820 before running into renewed selling interest and euro fell again late last week on dollar's broad-based strength, adding credence to our view that a temporary top is possibly formed at 1.3967 early, hence consolidation with downside bias remains for test of the lower Kumo (now at 1.3667), then previous support at 1.3643, a daily close below this support would provide confirmation, bring retracement of recent upmove to 1.3600, then 1.3560-65

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 07 14 06:34 GMT

The greenback surged last week and broke above resistance at 103.76, suggesting early fall from 105.44 is still being retracement, however, the subsequent retreat on Friday after NFP suggests consolidation with mild downside bias is seen for test of the Tenkan-Sen (now at 102.93) and possibly towards the Kijun-Sen (now at 102.67), having said that, a daily close below the Kijun-Sen is needed to signal top is formed, bring weakness to the Ichimoku cloud bottom (now at 102.46)

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 04 14 07:15 GMT

Despite last week's fall to 139.96, the single currency found good support just below 140.00 psychological level and has staged a stronger-than-expected rebound, suggesting the pullback from 143.79 has ended there and consolidation with mild upside bias is seen, however, reckon said resistance at 143.79 would limit upside and bring further choppy trading within 139.96-143.79 for the time being

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 04 14 06:51 GMT

As the greenback has remained under pressure after retreating from last month's high of 1.1279, suggesting a temporary top has been formed there and consolidation with mild downside bias is seen for correction to 1.0955, break there would add credence to this view and bring further weakness to 1.0900-10 (current level of the lower Kumo and previous support)

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 03 14 08:41 GMT

Although the single currency recovered after finding support at 0.8246 last week, a daily close above the Tenkan-Sen (now at 0.8323) is needed to suggest the retreat from 0.8400 has ended and bring rebound to 0.8350 but break of resistance at 0.8400 is needed to add credence to our view that a temporary low has been formed at 0.8158 earlier, bring retracement of recent decline towards 0.8464-67

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 03 14 08:29 GMT

Despite early retreat from 1.2235 (last week's high), as the single currency found renewed buying interest just above the Kijun-Sen and has rebounded this week, retaining our near term bullishness and further consolidation above recent low of 1.2104 would be seen with mild upside bias for further gain to resistance at 1.2261. Looking ahead, only a daily close above this level would  confirm and bring a stronger rebound to the upper Kumo

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Advanced Candlesticks and Ichimoku Strategies for Forex Trading

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