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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/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 27 15 09:04 GMT

The single currency found renewed buying interest at 1.0660 last week and has rebounded again, retaining our view that further consolidation above recent low of 1.0462 would be seen and another corrective bounce to 1.0970-75 cannot be ruled out, however, still reckon upside would be limited to resistance area at 1.1036-52, bring another selloff. Below 1.0660-66 support would signal the rebound from 1.0520 has ended

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 27 15 08:46 GMT

Despite last week's rebound to 120.09, as dollar has retreated after faltering below minor resistance at 120.12, suggesting near term downside risk remains for weakness to 118.53, however, break of previous support at 118.33 is needed to signal another leg of corrective fall from 122.03 top is underway for retracement of early upmove to 117.50 and possibly towards support at 116.78 which is likely to hold

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 24 15 08:19 GMT

As the single currency has continued to edge higher after rebounding from 126.09 (last week's low), retaining our view that further consolidation above this level would be seen with mild upside bias for test of the lower Kumo (now at 130.51), however, a daily close above resistance at 131.30 is needed to signal a temporary low has been formed at 126.09, bring retracement of recent decline to resistance at 131.73

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

The greenback only recovered to 1.2306 earlier this week before retreating again and retest of previous support at 1.2088 (last week's low) cannot be ruled out, however, break there is needed to signal the fall from 1.2835 top is still in progress, bring retracement of early upmove to psychological support at 1.2000 and then towards 1.1975-80 (50% Fibonacci retracement of 1.1122-1.2835) but reckon 1.1900 would hold

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

As the single currency has remained under pressure after meeting renewed selling interest at 0.7235 on Monday, suggesting near term downside risk remains for the retreat from 0.7385 to extend weakness towards 0.7100, however, as broad outlook is still consolidative, reckon downside would be limited to 0.7070 and price should stay well above 0.7014 support (last month's low), bring another rebound later.

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 23 15 09:00 GMT

Despite falling to 1.0235 earlier this week, as the single currency found good support there and has rebounded, suggesting low has possibly been formed there and consolidation with mild upside bias is seen for gain to 1.0525-30, however, break of the upper Kumo (now at 1.0631) is needed to add credence to this view, bring further gain towards resistance at 1.0701. Having said that, only a daily close above this level would retain bullishness and signal the fall from 1.0812 has ended

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 22 15 09:10 GMT

Aussie has rebounded after holding above previous support at 0.7533, suggesting temporary low has possibly been formed there and consolidation with mild upside bias is seen for gain to 0.7850, then towards resistance at 0.7938, however, a daily close above latter level is needed to add credence to this view, bring retracement of recent decline later to psychological resistance at 0.8000, then 0.8025 but reckon 0.8055-60 (38.2% Fibonacci retracement of 0.8911-0.7533) would hold

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 22 15 08:48 GMT

Although aussie did retreat after meeting renewed selling interest at 93.06 (we sold the pair at 92.40 for 90.40), price just missed our downside target and staged another rebound from 90.50, dampening our bearishness and suggesting further consolidation above previous support at 89.40 would be seen, hence upside risk remains for test of the upper Kumo (now at 93.52), then 94.00. Having said that, reckon upside would be limited to previous resistance at 94.65

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 21 15 10:24 GMT

Cable's stronger-than-expected rebound to 1.5053 suggests temporary low has possibly been formed at 1.4566 early last week and few weeks of consolidation above this level would be seen and above 1.4910-15 would bring test of said resistance at 1.5053, break there would add credence to this view, bring retracement of recent decline to the upper Kumo (now at 1.5142) however, reckon previous resistance at 1.5167 would limit upside and price should falter below 1.5250.

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 21 15 10:23 GMT

Dollar's retreat from 0.9863 turned out to be much deeper than expected and downside risk remains for weakness to previous support at 0.9481, however, break there is needed to signal another leg of corrective decline from 1.0129 top is underway for retracement of early upmove to 0.9400 and later towards 0.9315-20 (50% Fibonacci retracement of 0.8501-1.0129) which is likely to hold from here.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 20 15 09:52 GMT

Despite last week's initial fall to 1.0520, the subsequent stronger-than-expected rebound dampened our bearishness and this move also suggests further consolidation above recent low at 1.0462 (March low) would be seen, above last week's high of 1.0849 would bring test of the lower Kumo (now at 1.0904), however, upside should be limited to 1.0950-60 and price should falter well below resistance area at 1.1036-52, bring another selloff.

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 20 15 09:40 GMT

Despite last week's initial rise to 120.85, the subsequent retreat has deferred our bullishness and further consolidation is in store, however, only break of previous support at 118.33 would signal another leg of corrective fall from 122.03 top is underway for retracement of early upmove to 117.50 and possibly towards support at 116.78 which is likely to hold on first testing.

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 17 15 08:56 GMT

Although the single currency resumed recent decline to 126.09 earlier this week, current rebound suggests consolidation above this level would be seen and test of the Kijun-Sen (now at 128.91) cannot be ruled out, above there would bring retracement to 129.20-25 and possibly towards 130.00, however, upside should be limited to 130.35-40 and price should falter well below last week's high at 131.30, bring another decline later.

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 17 15 08:39 GMT

The greenback dropped after meeting renewed selling interest at 1.2667 and broke below indicated support at 1.2350-52, suggesting a temporary top has been formed at 1.2385 earlier and mild downside bias is seen for the fall from there to bring retracement of medium term upmove, hence further weakness to 1.2100 would be seen, however, reckon downside would be limited to psychological support at 1.2000 and price should stay above 1.1975-80

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 16 15 09:40 GMT

Euro met renewed selling interest at 0.7270 and has fallen again, the breach of previous support at 0.7223 dampened our near term bullishness and downside risk remains for the retreat from 0.7385 to extend weakness to 0.7120, however, as broad outlook is still consolidative, reckon downside would be limited to 0.7100 and price should stay well above 0.7014 support (last month's low), bring another rebound later.

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 16 15 09:08 GMT

The single currency resumed recent decline after meeting renewed selling interest at 1.0495, justifying our bearishness and our short position entered at 1.0495 met indicated target at 1.0295 with 200 points profit, this anticipated resumption of the decline from 1.0812 suggests bearishness remains for this fall from Feb's high to bring retracement of early upmove and weakness to the lower Kumo (now at 1.0229 would be seen

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 15 15 10:56 GMT

Kiwi has remained confined within familiar range after retreating from 0.7697 (last month's high) and further consolidation is in store, a break of support at 0.7392 is needed to suggest the rebound from recent low of 0.7177 has ended at 0.7697, bring weakness to 0.7275-80, a daily close below there would provide confirmation, bring resumption of the major fall from 0.8836 top for retest of 0.7177

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 15 15 10:41 GMT

Aussie did meet renewed selling interest at 0.7740 last week and has retreated again, retaining our bearishness for recent decline to resume after consolidation, break of recent low at 0.7533 would confirm and extend weakness to 0.7500, then towards 0.7440-50 but oversold condition should limit downside to 0.7400, risk from there is seen for a corrective rebound to take place later this month.

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 14 15 09:08 GMT

Although the British pound rebounded to 1.4972 (we recommended to sell in our last update to sell cable at 1.4920 and a short position was entered), price faltered just below the Kijun-Sen and has dropped since late last week, our indicated downside target at 1.4720 was met thereafter and recent decline did resume in line with our bearish expectations, this anticipated resumption of recent decline suggests downside bias remains for the major fall from 1.7192 top to extend weakness to 1.4500

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Apr 14 15 08:45 GMT

As the greenback staged a strong rebound after finding support at 0.9481 and broke above indicated resistance at 0.9756, adding credence to our view that low has possibly been formed there and consolidation with mild upside bias remains for gain towards 0.9900-05. then test of 1.0000. Looking ahead, a daily close above there is needed to confirm the fall from 1.0129 top has ended at 0.9481, bring retest of this level later

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Advanced Candlesticks and Ichimoku Strategies for Forex Trading

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