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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.


GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 31 15 07:35 GMT

The British pound met renewed selling interest at 1.4994 last week and has dropped again, suggesting consolidation with downside bias would be seen and weakness towards 1.4689 cannot be ruled out, however, a daily close below there is needed to signal the rebound from 1.4635 has ended and bring retest of this level, once this support is penetrated, this would signal recent decline has resumed and extend weakness to 1.4600 and possibly towards 1.4500, having said that, reckon downside would be limited to 1.4430-35

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 31 15 07:33 GMT

Despite falling to 0.9491 late last week, the greenback found good support there and has rebounded, suggesting 1-2 weeks of consolidation above this level would be seen with mild upside bias for test of the Kijun-Sen (now at 0.9759), then the Tenkan-Sen (now at 0.9780), however, a daily close above 0.9812 is needed to signal the retreat from 1.0129 has ended and bring further gain towards 0.9900 but reckon price would falter well below resistance at 0.9984, bring retreat later.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 30 15 09:55 GMT

Despite last week's marginal rise to 1.1052, the subsequent retreat to 1.0801 (Friday's low) suggests further consolidation would be seen, however, if our view that a temporary low has been formed at 1.0462 is correct, downside should be limited to 1.0650-60 and bring another rebound later. A daily close above resistance at 1.0949 would bring test of resistance at 1.1052 but break there is needed to add credence to this view, bring retracement of recent decline to 1.1200 and possibly towards 1.1265-70

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 30 15 09:48 GMT

Although the greenback slipped last week and dropped to as low as 118.33, the subsequent rebound formed a 'hammer' bullish candlestick pattern on the daily chart and consolidation with mild upside bias is seen for test of the Tenkan-Sen (now at 119.87) is likely, however, a daily close above the Kijun-Sen (now at 120.18) is needed to suggest the retreat from 122.03 has ended, bring further gain to 120.90-00, then test of resistance at 121.20. Looking ahead, only a sustained breach of 121.20 would add credence to this view

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 27 15 10:07 GMT

Although the single currency did stage the anticipated rebound to 131.51 (our long position entered at 129.20 met indicated target at 131.20 with 200 points profit), as euro then retreated after faltering below indicated resistance at 131.73, suggesting further consolidation would be seen and weakness to 128.70-75 cannot be ruled out, however, break of 128.25-30 is needed to signal the rebound from 126.91 has ended, bring further fall to 127.50. Looking ahead, only below 126.91 would confirm decline from 149.79 top has resumed for weakness to 125.90-00

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 27 15 09:50 GMT

The retreat after early brief rise to 1.2835 suggests temporary top has possibly been formed there and consolidation with downside bias is seen for test of 1.2350-52 (38.2% Fibonacci retracement of 1.1565-1.2835 as well as previous support), however, a daily close below there is needed to add credence to this view, bring retracement of recent upmove to 1.2300 and then 1.2250, however, reckon 1.2200 (50% Fibonacci retracement) would limit downside and price should stay well above the lower Kumo (now at 1.2118).

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 26 15 10:21 GMT

The single currency staged a strong rebound after finding renewed buying interest at 0.7154, adding credence to our view that a temporary low has been formed at 0.7014 and consolidation with mild upside bias remains for this rebound to bring retracement of recent decline towards resistance at 0.7429, however, reckon upside would be limited to the lower Kumo (now at 0.7492) and price should falter well below resistance at 0.7592

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 26 15 10:06 GMT

The single currency met renewed selling interest at 1.0701 and has fallen again, suggesting the fall from 1.0812 (last month's high) is still in progress and test of previous support at 1.0414 is likely, however, break there is needed to retain near term bearishness for retracement of recent rise, bring weakness to 1.0350, then towards 1.0290-00 (50% Fibonacci retracement of 0.9776-1.0812) but reckon the lower Kumo (now at 1.0262) would limit downside

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 24 15 08:48 GMT

Despite falling to 1.4635 last week, the subsequent stronger-than-expected rebound suggests 1-2 weeks of consolidation above this level would be seen and above 1.5010 would bring another corrective bounce to the Kijun-Sen (now at 1.5094), then test of last week's high of 1.5167 but break there is needed to signal a temporary low has been formed, bring retracement of recent decline to the lower Kumo (now at 1.5243), then 1.5270 but reckon price would falter well below the upper Kumo (now at 1.5369), bring another decline in Q2.

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 24 15 08:18 GMT

Dollar's stronger-than-expected retreat last week suggests a temporary top has been formed at 1.0129 earlier this month and consolidation below this level is seen with mild downside bias for another test of last week's low at 0.9629, break there would add credence to this view, bring retracement of recent upmove to 0.9505-10 (38.2% Fibonacci retracement of 0.8501-1.0129), however, downside should be limited to 0.9395-00 and price should stay above 0.9315 (50% Fibonacci retracement), bring another rise later.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 23 15 08:10 GMT

Last week's strong rebound to 1.1046 suggests a temporary low has been formed at 1.0462 earlier this month and consolidation with mild upside bias is seen for retracement of recent decline, a daily close above the Kijun-Sen (now at 1.0956) would bring another test of said resistance at 1.1046 but break there is needed to add credence to this view and extend gain to 1.1200 and possibly towards 1.1265-70 (38.2% Fibonacci retracement of 1.2570-1.0462) which is likely to hold from here.

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 23 15 07:54 GMT

Although the greenback retreated quite sharply last week, as dollar found support at 119.30 and has rebounded, retaining our bullishness and as long as this level holds, mild upside bias remains for another rebound, above 121.20 would signal the retreat from 122.03 has ended and bring further gain to 121.52-67 but break of said resistance at 122.03 is needed to confirm recent upmove has resumed and extend gain to 122.50 and later 123.00, however, upside should be limited to 123.85-90

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EUR/JPY - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 20 15 09:36 GMT

Despite last week's fall to 126.91, the subsequent rebound to 131.73 suggests a temporary low has possibly formed there and consolidation above this level would be seen with mild upside bias for another rebound, above said resistance at 131.73 (this would also penetrate the Kijun-Sen at 131.57) would add credence to this view, bring retracement of recent decline to 132.95-00 (61.8% Fibonacci retracement of 136.69-126.91)

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USD/CAD - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 20 15 09:16 GMT

Although the greenback edged higher to 1.2835, lack of follow through buying and the subsequent stronger-than-expected retreat suggest consolidation below this level would be seen and upside should be limited to 1.2790-00, bring another corrective fall, below the Kijun-Sen (now at 1.2599) would bring test of this week's low at 1.2449, break there would signal a temporary top has been formed at 1.2835, bring correction of recent upmove towards 1.2350-52

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 19 15 10:25 GMT

Euro's stronger-than-expected rebound from 0.7014 suggests a temporary low has possibly been formed there and consolidation with mild upside bias is seen for retracement of recent decline to 0.7300-05, break there would add credence to this view, then a stronger rebound to 0.7345-50 would follow but reckon resistance at 0.7429 would limit upside and bring another decline later.

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 19 15 10:04 GMT

The single currency slipped late last week, dampening our bullishness and suggesting further sideways trading is in store, near term downside risk remains for retracement of early upmove and weakness to 1.0500 cannot be ruled out, however, reckon downside would be limited to 1.0414 and the Ichimoku cloud top (now at 1.0360) should contain downside and bring another rebound later.

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 18 15 10:23 GMT

Aussie's retreat after meeting renewed selling interest at 94.20 suggests the corrective bounce from 89.40 has possibly ended there and consolidation with downside bias is seen for weakness towards 91.80 and later towards 91.30, however, a daily close below latter level is needed to add credence to this view, bring further fall to 90.70-80, break there would signal decline has resumed for retest of 89.40.

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 18 15 09:54 GMT

Although aussie has remained under pressure after resuming recent decline and near term downside risk remains for further weakness to 0.7550 and possibly 0.7500, oversold condition should limit downside to 0.7445-50 (61.8% projection of 0.9402-0.8033 measuring from 0.8295) and reckon 0.7390-00 would hold on first testing, aussie is likely to stage another corrective rebound from there later this month.

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 17 15 07:57 GMT

The British pound tumbled after breaking below previous support at 1.4951, adding credence to our view that the major fall from 1.7192 top is still in progress, indicated downside targets at 1.4890-00, 1.4850-55 and 1.4800 had been met and bearishness remains for further weakness to 1.4700, below there would extend decline to 1.4600 and possibly towards 1.4500, however, reckon downside would be limited to 1.4430-35

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Mar 17 15 07:34 GMT

The greenback has maintained a firm undertone after recent rally, adding credence to our bullish view that the major rise from 0.7401 low is still in progress, indicated upside target at 0.9950-60 and 1.0000 had been met and upside bias remains for further gain to 1.0190-00 would be seen, however, previous resistance at 1.0240 should limit upside and price should falter below this year's high at 1.0296, risk from there is seen for a strong pullback later.

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