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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 03 15 10:30 GMT

Although the single currency opened lower this week and dropped sharply to 133.78, euro found good support just above the upper Kumo and staged a strong rebound, suggesting consolidation above this level would be seen and test of the Kijun-Sen (now at 137.42) cannot be ruled out, however, reckon resistance at 138.13 would limit upside and bring further sideways trading.

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 03 15 10:11 GMT

The greenback only eased to 1.2304 before finding renewed buying interest again and dollar has surged throughout this week, the breach of previous resistance at 1.2563 has reinforced our view that the rise from 1.1920 low is still in progress and may extend further gain to resistance at 1.2667. Looking ahead, a daily close above there would signal the correction from 1.2835 top has ended at 1.1920 earlier

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 02 15 09:43 GMT

Although the single currency opened lower and fell briefly to 0.6988, lack of follow through selling on break of previous support at 0.7014 and the subsequent rebound suggest consolidation would be seen and recovery to 0.7165-70 cannot be ruled out, however, reckon the Kijun-Sen (now at 0.7189) would hold and bring another decline later. A break of said support at 0.6988 would extend early downtrend to 0.6950 and later towards 0.6900-10

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 02 15 08:52 GMT

Although the single currency slipped initially this week as price opened lower, euro found good support at 1.0314 and has staged a strong rebound since, retaining our view that further choppy trading within early established range would be seen and gain towards resistance at 1.0546 cannot be ruled out, however, reckon resistance at 1.0574 would limit upside and brng further consolidation.

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 01 15 08:57 GMT

Despite opening lower earlier this week, as aussie found good support at 92.70 and has rebounded, suggesting consolidation with initial upside bias would be seen for test of the Kijun-Sen (now at 94.84) but reckon the upper Kumo (now at 95.32) would limit upside and bring another decline later. Below 93.60-65 would bring another test of said support at 92.70 but break there is needed to retain bearishness and add credence to our view that top has been formed at 97.30 earlier

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jul 01 15 08:43 GMT

Although aussie fell briefly to 0.7587, lack of follow through selling on break of previous support at 0.7598 and current rebound suggest further consolidation would be seen and initial upside risk is for recovery to 0.7790-00, then test of resistance at 0.7849, however, reckon 0.7910-20 would limit upside and bring another decline later. A drop below said support at 0.7587 would extend weakness to previous support at 0.7553, break there would confirm the fall from 0.8163 has resumed for retest of previous chart support at 0.7533

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 30 15 08:29 GMT

Although the British pound has retreated after rising to 1.5930 earlier this month and further consolidation below this level would be seen, still reckon downside would be limited to 1.5615-20 (61.8% Fibonacci retracement of 1.5422-1.5930) and bring rebound later, above 1.5800-10 would bring rebound to 1.5845-50 but only break of said resistance at 1.5930 would confirm recent upmove from 1.4566 low has resumed for further gain to 1.5950, then towards psychological resistance at 1.6000

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 30 15 08:18 GMT

Although the greenback rebounded after finding support at 0.9151, as price ran into heavy selling pressure at 0.9429 yesterday and has retreated again, suggesting further choppy trading would be seen and weakness to 0.9240-45, then 0.9200 cannot be ruled out, however, reckon said support at 0.9151 would continue to hold and bring another rebound later. Above said resistance at 0.9429 would signal the retreat from 0.9543 has ended at 0.9151, bring a stronger rebound towards resistance at 0.9502Weekly

  • Last Candlesticks pattern: Bearish engulfing
  • Time of formation: 16 Jan 2015
  • Trend bias: Down

Daily

  • Last Candlesticks pattern: Shooting star
  • Time of formation: 5 Jan 2015
  • Trend bias: Sideways


USD/CHF – 0.9314


Although the greenback rebounded after finding support at 0.9151, as price ran into heavy selling pressure at 0.9429 yesterday and has retreated again, suggesting further choppy trading would be seen and weakness to 0.9240-45, then 0.9200 cannot be ruled out, however, reckon said support at 0.9151 would continue to hold and bring another rebound later. Above said resistance at 0.9429 would signal the retreat from 0.9543 has ended at 0.9151, bring a stronger rebound towards resistance at 0.9502, having said that, as outlook remains consolidative, reckon said resistance at 0.9543 would hold from here.

On the downside, below 0.9200 would bring another test of 0.9150-51, break there would extend weakness to minor support at 0.9115, however, only a breach of 0.9072 support would signal the decline from 1.0129 top has resumed and extend subsequent weakness towards psychological support at 0.9000 which is likely to hold from here.

Recommendation: Stand aside for this week.

 



On the weekly chart, the greenback has remained confined within recent established range and further sideways trading within 0.9072-0.9543 would be seen, although the rebound from 0.9151 suggests recovery to 0.9425-30, then 0.9500-05 cannot be ruled out, said upper range should continue to hold, bring further choppy trading. A break of resistance at 0.9502 would revive bullishness and bring test of resistance at 0.9543, above there would extend the rebound from 0.9072 to 0.9595-00, then test of 0.9715-20, having said that, as outlook remains consolidative, reckon upside would be limited to resistance at 0.9863.

On the downside, below 0.9200 would bring test of said support at 0.9151 but a weekly close below there is needed to revive bearishness and bring retest of previous support at 0.9072, break there would extend the fall from 1.0129 for a stronger retracement of the rise from 0.7401 to 0.9000, then towards 0.8890-00 but reckon the Kijun-Sen (now at 0.8849) would hold on first testing.

 
EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 29 15 10:10 GMT

Despite rising to 1.1436 earlier this month, the subsequent stronger-than-expected retreat after faltering below previous resistance 1.1467 suggests further choppy trading within recent established range of 1.0819-1.1467 would be seen, initial downside risk for weakness to 1.0930-35 (100% projection of 1.1436-1.1135 measuring from 1.1235) would be seen, however, reckon downside would be limited to 1.0887 and price should stay well above support at 1.0819, bring rebound later.

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 29 15 09:51 GMT

Although the greenback rebounded again last week to 124.38, as dollar has retreated again after faltering below previous resistance at 124.45, retaining our view that further consolidation below recent high of 125.86 would be seen and near term downside risk remains for the corrective fall from 125.86 temporary top to bring retracement of recent upmove to previous resistance at 122.03 but reckon downside would be limited to 121.55

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 26 15 08:57 GMT

As the single currency has retreated after faltering below recent high of 141.06, retaining our view that further consolidation would be seen and pullback towards 137.08 (current level of the Kijun-Sen as well as 50% Fibonacci retracement of 133.10-141.06) cannot be ruled out, however, renewed buying interest should emerge there and bring another rise later. Above resistance at 140.63-67 would bring retest of said resistance at 141.06

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 26 15 08:48 GMT

The greenback has staged the anticipated rebound after finding renewed buying interest at 1.2128 last week, our long position entered at 1.2170 met indicated target at 1.2370 with 200 points profit, this move from 1.2128 suggests the pullback from 1.2563 has ended at 1.2128 ans further gain to 1.2445-50, then 1.2490-00, however, break of said resistance at 1.2563 is needed to signal the rise from 1.1920 low has resumed for headway towards resistance at 1.2667 first.

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 25 15 08:51 GMT

The single currency dropped again after meeting renewed selling interest at 0.7211 earlier this week, suggesting the fall from 0.7389 is still in progress and weakness to 0.7070-75 cannot be ruled out, however, reckon downside would be limited to previous support at 0.7055. Looking ahead, only a break of recent low at 0.7014 would confirm early decline has resumed and extend fall to psychological support at 0.7000

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 25 15 08:31 GMT

Although the single currency retreated after meeting resistance at 1.0534, as euro found support just above 1.0403 (last week's low) and has recovered, retaining our view that further consolidation would be seen with mild upside bias for another rebound to 1.0534, above there would signal the retreat from 1.0574 (this month's high) has ended, then another test of this level would be seen. Only above this resistance would signal the rise from 1.0235 is still in progress

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 24 15 09:32 GMT

As kiwi has rebounded after falling to 0.6815 yesterday and a hammer candlestick pattern was formed on the daily chart, suggesting 1-2 weeks of consolidation would be seen with mild upside bias for test of the Tenkan-Sen (now at 0.6920), above there would bring recovery to 0.7010-15 and then 0.7050, however, reckon the Kijun-Sen (now at 0.7105) would hold from here and price should falter well below resistance at 0.7232

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 24 15 08:59 GMT

Aussie staged a rebound late last week but ran into resistance just around the lower Kumo and has retreated from 0.7849, retaining our view that further consolidation is in store and another fall to 0.7680, then 0.7646 (last week's low) would be seen but only break of support at 0.7598 would confirm the fall from 0.8163 has resumed for retest of previous chart support at 0.7533.

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 23 15 09:16 GMT

As the British pound has retreated after rising to 1.5930 last week, suggesting consolidation below this level would be seen and pullback to 1.5700-10 cannot be ruled out, however, reckon the Tenkan-Sen (now at 1.5576) would limit downside and bring another rise later, above said resistance would extend the upmove from 1.4566 low for retracement of early decline to 1.5950, then towards psychological resistance at 1.6000 but price should falter well below 1.6185-90

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 23 15 08:36 GMT

The greenback fell in line with our bearish expectations, our short position entered at 0.9390 met indicated target at 0.9190 with 200 points profit, however, as dollar found good support at 0.9151 late last week and has rebounded, suggesting consolidation above this level would be seen and test of the Kijun-Sen (now at 0.9347) cannot be ruled out but reckon resistance at 0.9407 would hold from here, bring further consolidation. Only a daily close above this level would signal the retreat from 0.9543 has ended

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 22 15 09:02 GMT

Although the single currency rose last week to 1.1436, as euro has retreated after faltering below previous chart resistance at 1.1467 and a shooting star alike candlestick pattern was formed on the daily chart, suggesting consolidation below this level would be seen with initial downside bias for pullback to 1.1250-55, however, reckon support at 1.1151 would limit downside and the upper Kumo (now at 1.1130) should hold, bring another rise later. A breach of 1.1436-67 resistance area would signal the erratic rise from 1.0462 low has resumed for a stronger correction of early decline to 1.1515-20

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jun 22 15 08:54 GMT

Despite last week's rebound to 124.45, the greenback met renewed selling interest there and has dropped again, suggesting near term downside risk remains for the corrective fall from 125.86 temporary top to bring another test of support at 122.46, break there would bring retracement of recent upmove to previous resistance at 122.03 but reckon downside would be limited to 121.55 (61.8% Fibonacci retracement of 118.89-125.86) and support at 120.64 should remain intact

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