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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.

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  • 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 | Jan 23 15 10:23 GMT

Although the single currency recovered initially this week, euro met renewed selling interest at 137.64 (we recommended to sell at 138.00) and dropped again from there especially yesterday after ECB, price broke below previous support at 134.71 and has remained under pressure, signaling the selloff from 149.79 top is still in progress for retracement of medium term uptrend, hence weakness to 132.00, then 131.35-40

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 23 15 09:56 GMT

The greenback only eased to 1.1934 (we recommended in our previous update to buy at 1.1890) before finding renewed buying interest and price did rally from there, exceeded all our upside targets of 1.2050-60, 1.2100-10 and 1.2150-60, the pair even surged above 1.2400 level. Current firmness signals medium term uptrend is still in progress and may extend headway towards 1.2500

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 22 15 10:16 GMT

Euro's near term consolidation after dropping to last week's low at 0.7595 is likely to continue, however, still reckon the Tenkan-Sen (now at 0.7713) would limit upside and bring another decline, break of said support at 0.7595 would signal medium term decline is still in progress and may extend weakness to 0.7540-50 (61.8% projection of 0.8585-0.7766 measuring from 0.8047) and possibly towards 0.7500, however, oversold condition should prevent sharp fall below 0.7450

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 22 15 10:03 GMT

The single currency nose-dived shortly after SNB removed the EUR/CHF minimum floor, the pair tumbled to as low as 0.8426 before staging a quick rebound back above 1.0000 level, price then stabilised this week and further sideways consolidation is in store. Having said that, upside is likely to be limited to the Tenkan-Sen (now at 1.0219) and the Kijun-Sen (now at 1.0262) should hold, bring another decline. Below 0.9845-50 would bring weakness to 0.9750-55

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 21 15 10:12 GMT

Kiwi only recovered to 0.7890 before running into renewed selling interest and the pair has dropped quite sharply again, suggesting downside risk remains for a retest of recent low at 0.7609, break there would extend recent downtrend to 0.7550, then towards 0.7500, however, oversold condition should limit downside to previous support at 0.7458 and reckon 0.7390-00 would hold from here, bring another rebound

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 21 15 08:59 GMT

Although aussie has retreated after rebounding to 0.8295 last week, as long as recent low at 0.8033 holds, further consolidation would be seen and another bounce to said resistance cannot be ruled out, however, break there would test of previous resistance at 0.8375-80 but above there is needed to signal a temporary low has been formed, bring retracement of recent decline to 0.8300 and 0.8375-80, then towards 0.8440-50

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 20 15 11:17 GMT

The British pound only recovered to 1.5269 before running into renewed selling interest and cable dropped again from there, suggesting recent decline would resume after consolidation and retest of 1.5034 support is likely, break there would signal recent decline has resumed and extend recent decline from 1.7192 top to psychological support at 1.5000, however, loss of downward momentum should prevent sharp fall below 1.4900-10

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 20 15 11:08 GMT

Despite edging higher to 1.0240 late last week, price retreated from there and a doji star was formed, followed by a very long black candlestick on Friday solely caused by SNB shock, price tumbled to as low as 0.7401 before the pair quickly rebounding back above 0.9000 level. This volatile price action definitely signals the rebound from record low of 0.7068 has ended at 1.0296, having said that the quick bounce from 0.7401 suggests choppy consolidation would take place

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 19 15 09:32 GMT

The single currency only recovered to 1.1871 before meeting renewed selling interest and dollar dropped again from there, adding credence to our bearish view that early decline from 1.3993 top is still in progress and indicated downside targets at 1.1754 1.1690-00, 1.1600-10 and 1.1530-35 were all met, however, as price has recovered from 1.1460 (last week's low), suggesting minor consolidation would be seen and recovery to the Tenkan-Sen (now at 1.1678) cannot be ruled out.

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 19 15 08:28 GMT

Although the greenback fell to 115.85 late last week, the subsequent rebound after holding above previous support at 115.57 has retained our view that further choppy trading within 115.57-121.85 range would continue and as long as this lower range holds, mild upside bias is seen for recovery to the Tenkan-Sen (now at 117.91), then test of the Kijun-Sen (now at 118.20).

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 16 15 09:37 GMT

The single currency dropped again without any significant recovery and although this selloff adds credence to our view that temporary top has been formed at 149.79 last month and near term bearishness remains for the fall from there to bring retracement of recent upmove to 134.00, near term oversold condition should limit downside to 133.00-10 and reckon 132.00 would hold from here, risk from there is seen for a corrective rebound to take place later

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 16 15 09:17 GMT

Despite yesterday's brief retreat to 1.1803, as the greenback found renewed buying interest there and has rebounded again, suggesting a retest of recent high at 1.2017 would be seen, however, break there is needed to extend medium term upmove to 1.2050-60 and later towards 1.2100-10, however, overbought condition should prevent sharp move beyond 1.2150-60, risk from there has increased for a strong pullback later

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 15 15 07:48 GMT

Although the single currency rebounded after early fall to 0.7745, as euro met renewed selling interest just below the Kijun-Sen and has resumed recent decline, suggesting early selloff is still in progress and may extend weakness to 0.7700 and possibly 0.7650-55 (61.8% projection of 0.8400-0.7766 measuring from 0.8047), however, loss of downward momentum should limit downside to 0.7635-40

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 15 15 07:45 GMT

As the single currency has remained under pressure after running in to renewed selling interest at 1.2097 last month, suggesting near term downside risk remains for marginal weakness, however, sharp fall below 1.2000 level should not be repeated and bring another bounce later, a daily close above said resistance would suggest low is possibly formed, bring test of resistance at 1.2140 but only break of previous resistance at 1.2178 would add credence to this view

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 14 15 08:49 GMT

Although aussie rebounded after finding support at 95.25 last month, as price has retreated again after meeting renewed selling interest at 98.30, suggesting near term downside risk remains for weakness to 95.60-70, then towards said support at 95.25 (last month's low) but break there is needed to retain bearishness and extend the decline from 102.85 top for retracement of early upmove to 94.10-15

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 14 15 08:26 GMT

Aussie's rebound after last week's fall to 0.8035 suggests 1-2 weeks of consolidation above this level would be seen and above 0.8255 would suggest a temporary low has possibly been formed, bring retracement of recent decline to 0.8300 and 0.8375-80, then towards 0.8440-50 but price should falter well below previous support at 0.8541 (now resistance), bring another selloff later.

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 13 15 09:30 GMT

Cable's recovery after dropping to 1.5034 suggests consolidation would be seen and corrective bounce to 1.5200 cannot be ruled out, however, reckon the Tenkan-Sen (now at 1.5311) would limit upside and bring another decline later. A break of said support at 1.5034 would extend the major selloff from 1.7192 top to psychological support at 1.5000, however, loss of downward momentum should prevent sharp fall below 1.4900-10

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 13 15 09:19 GMT

Despite last week's surge to 1.0296, the subsequent retreat suggests consolidation below this level would be seen and pullback 1.0010-15 (38.2% Fibonacci retracement of 0.9553-1.0296) cannot be ruled out, however, reckon psychological support at 1.0000 would limit downside and bring another rise later. A break of 1.0215-20 would bring retest of 1.0296 but only above there would confirm medium term upmove has resumed for headway to 1.0350 and 1.0400

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 12 15 07:20 GMT

The single currency continued to head south and fell to as low as 1.1754 before recovering, minor consolidation would be seen and recovery to 1.1895-00 cannot be ruled out, however, reckon the Tenkan-Sen (now at 1.1962) would limit upside and bring another decline later, a break of said support at 1.1754 would extend medium term downtrend to 1.1690-00, then 1.1600-10

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Jan 12 15 06:59 GMT

Dollar's retreat from 120.74 turned out to be deeper than expected, dampening our bullishness and signaling the rebound from 115.57 has ended at 120.83, hence further consolidation below recent high of 121.85 is in store and near term downside risk remains for weakness towards the upper Kumo (now at 117.46), however, reckon downside would be limited to 116.40-50 and said support at 115.57 should contain such a retreat and choppy trading within 115.57-121.85 range would continue.

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