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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 | Aug 29 14 10:02 GMT

Despite rising to 138.00 late last week, as the single currency has retreated sharply after faltering below previous resistance at 138.03, suggesting further consolidation would be seen, however, only break of recent low at 135.73 would signal recent decline from 145.69 top has resumed and may extend further weakness to 135.50-55 (38.2% Fibonacci retracement of 119.12-145.69) and possibly 135.00.

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 29 14 09:18 GMT

Despite this week's brief rise above previous resistance at 1.0986, lack of follow through buying and the subsequent sharp retreat (a long black candlestick was formed on the daily chart) suggest top is possibly formed at 1.0998 and consolidation with mild downside bias is seen for retracement of recent rise from 1.0621, hence weakness towards 1.0810 (50% Fibonacci retracement of 1.0621-1.0998) cannot be ruled out, however, reckon the upper Kumo (now at 1.0791) would limit downside and bring another rise later.

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 28 14 09:08 GMT

The single currency opened lower earlier this week and slipped since, suggesting first leg of rise from 0.7874 has ended at 0.8036 earlier this month and consolidation would be seen, however, reckon downside would be limited to support at 0.7922 and bring another rebound later, above 0.8016 would bring test of said resistance at 0.8036 but a daily close above there is needed to retain bullishness and bring a stronger rebound to 0.8070, then 0.8100

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 28 14 08:58 GMT

The single currency has remained under pressure after recent selloff and near term downside risk remains for the decline from 1.2650 top to extend marginal weakness towards previous support at 1.2031, however, sharp fall below there should not be repeated and downside should be limited, price should stay above SNB rate floor at 1.2000 and bring another rebound in late Q3 or Q4.

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 27 14 06:35 GMT

Despite early anticipated fall to 93.95, the subsequent stronger-than-expected rebound (a hammer bullish candlestick pattern was formed on the daily chart) together with the breach of previous resistance at 96.50 signal recent upmove from 86.45 has resumed and further gain towards 98.15-20 (61.8% Fibonacci retracement of 105.40-86.45) cannot be ruled out

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 27 14 06:32 GMT

Although the Australian dollar slipped again to as low as 0.9239, failure to penetrate this support and the subsequent rebound suggest further choppy trading would be seen, however, still reckon the lower Kumo (now at 0.9357) would limit upside and bring another decline. A break of said support at 0.9239 would signal the decline from 0.9505 top has resumed for retracement of early upmove to 0.9203-09 support

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 26 14 09:54 GMT

The British pound fell again after brief recovery early last week, suggesting the reversal from 1.7192 top is still in progress for retracement of medium term uptrend and weakness to 1.6520-25 (50% Fibonacci retracement of 1.5854-1.7192), then towards support at 1.6460, however, oversold condition should prevent sharp fall below 1.6400 and reckon 1.6365 (61.8% Fibonacci retracement) would hold

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 26 14 09:31 GMT

The greenback held above support at 0.9024 and has rallied last week, adding credence to our bullish view that upmove from 0.8699 low is still in progress and may extend further gain to 0.9185-90 (100% projection of 0.8703-0.9037 measuring from 0.8856) and possibly to previous resistance at 0.9250, however, reckon upside would be limited to 0.9265-70

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 25 14 10:19 GMT

The single currency resumed recent decline after brief recovery and bearishness remains for the reversal from 1.3993 top to bring retracement of medium term upmove towards previous support at 1.3105, however, oversold condition should prevent sharp fall below 1.3015-20 (50% Fibonacci retracement of 1.2042-1.3993) and reckon 1.2990-00 would hold from here

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 25 14 09:53 GMT

Recent rise from 100.82 gathered momentum after breaking indicated resistance at 103.09 and last week's rally suggests early correction from 105.44 has ended at 100.76 earlier, hence consolidation with upside bias remains for further gain to 104.40-50, however, near term overbought condition should prevent sharp move beyond 105.00 and reckon said resistance at 105.44 would remain intact

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 21 14 10:33 GMT

The single currency found renewed buying interest at 0.7922 and rebounded again from there, suggesting a temporary low has possibly been formed at 0.7874 earlier, hence consolidation with mild upside bias is seen for retracement of recent decline to 0.8050, however, a daily close above the upper Kumo (now at 0.8070) is needed to add credence to this view, bring a stronger rebound to 0.8100, then 0.8130

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 21 14 10:07 GMT

The single currency slipped again and broke below previous support at 1.2104, dampening our near term bullishness and signals the decline from 1.2650 top is still in progress, hence downside risk remains for this fall to extend weakness to 1.2060-65 but near term oversold condition should prevent sharp fall below previous support at 1.2031 and downside should be limited

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 20 14 07:32 GMT

Although kiwi has retreated after meeting resistance at 0.8515 last week, break of previous support at 0.8402 is needed to signal the fall from 0.8836 top is still in progress and bring correction of early upmove to 0.8300, then towards another support at 0.8243, however, loss of near term downward momentum should prevent sharp fall below 0.8200 and reckon 0.8150 would hold from here.

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 20 14 07:28 GMT

 

The Australian dollar only bounced to 0.9345 (we recommended to sell at 0.9350) before meeting renewed selling interest and aussie has retreated again, consolidation with mild downside bias is seen, however, only break of support at 0.9239 (this month's low) would signal the decline from 0.9505 top has resumed for retracement of early upmove to 0.9203-09 support, however, a daily close below there is needed to retain downside bias and extend decline towards 0.9140-50

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 19 14 07:00 GMT

Despite falling to 1.6658 late last week, the British pound opened higher this week and a window was formed yesterday on the daily chart, suggesting consolidation above said support is in store this week and initial upside bias is seen for test of the Tenkan-Sen (now at 1.6771), and possibly towards resistance at 1.6845 (last week's high), however, reckon resistance at 1.6888 would cap upside and bring another decline later. A break of said last week's low at 1.6658 would signal the decline from 1.7192 top is still in progress

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 19 14 06:57 GMT

Although the greenback retreated again last week after faltering below recent high of 0.9115 and initial consolidation below this level is in store, reckon downside would be limited to the Kijun-Sen (now at 0.9007) and bring another rise later, above said resistance at 0.9115 would extend the erratic rise from 0.8699 low for retracement of early decline to previous chart resistance at 0.9157 (this year's high) but overbought condition should prevent sharp move beyond 0.9200

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 18 14 10:00 GMT

Euro's near term sideways trading is likely to continue and although recovery to the Kijun-Sen (now at 1.3487) cannot be ruled out, reckon 1.3525-30 (61.8% Fibonacci retracement of 1.3651-1.3333) would limit upside and bring another decline later, a break of recent low at 1.3333 would signal recent decline from 1.3993 top (formed in May) has resumed for correction of early upmove to previous support at 1.3295 and possibly 1.3240-50 but reckon 1.3190-00 would hold on first testing.

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 18 14 09:45 GMT

Despite falling to 101.51 earlier this month, as the greenback found good support there and has staged a strong rebound, suggesting the retreat from 103.09 has ended and consolidation with upside bias is seen for another bounce to this level, above there would extend the rebound from 100.82 to 103.40 and possibly towards 103.70, however, as broad outlook remains consolidative, reckon price would falter well below resistance at 104.13 and bring further choppy trading within early established range.

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 15 14 07:41 GMT

Despite last week's fall to 135.73, the subsequent rebound suggests consolidation above this level would be seen and test of minor resistance at 138.03 is likely, however, reckon upside would be limited to the lower Kumo (now at 138.77) and bring another decline later, break of said support at 135.73 would signal the decline from 145.69 top is still in progress and may extend further weakness to 135.50-55 (38.2% Fibonacci retracement of 119.12-145.69) and possibly 135.00.

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Aug 15 14 07:39 GMT

As the greenback has retreated again after holding below last week's high of 1.0986, retaining our view that minor consolidation would be seen and pullback to 1.0860-65 cannot be ruled out, however, reckon the Kijun-Sen (now at 1.0809) would limit downside and bring another upmove later, above said resistance at 1.0986 would add credence to our view that temporary low has been formed at 1.0621 earlier last month and also signal the fall from 1.1279 top has ended there

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