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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 | May 24 16 09:57 GMT

Although the British pound retreated after rising to 1.4664, as cable found renewed buying interest at 1.4442 yesterday and has staged another rebound, suggesting near term upside risk remains for test of said resistance at 1.4664, break there would extend the rebound from 1.4332 to 1.4700 and possibly towards resistance at 1.4770. Looking ahead, only a break of this level would signal early erratic rise from 1.3836 low has resumed and extend further gain to

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 24 16 09:12 GMT

As the greenback has maintained a firm undertone after recent rally above previous resistance at 0.9797, adding credence to our view that low has been formed at 0.9444 earlier this month (with a hammer bullish reversal pattern on the daily chart), hence consolidation with upside bias remains for this move to bring retracement of recent decline to

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 23 16 09:31 GMT

The single currency dropped again after brief recovery to 1.1349 and broke below indicated previous support at 1.1215, adding credence to our view that top has been formed at 1.1616 (with a shooting star on the daily chart), hence bearishness remains for the fall from there to bring retracement of recent upmove to

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 23 16 08:42 GMT

The greenback surged last week after holding above support at 108.23, adding credence to our view that low has been formed at 105.55 and consolidation with upside bias remains for retracement of recent decline, above resistance at 110.59 would extend gain to 111.00-10, then towards

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 20 16 09:48 GMT

Although the single currency did retreat after meeting resistance at 124.65 (we recommended to sell euro at 124.00 and a short position was entered), as euro found support at 122.62 and has rebounded again, suggesting further consolidation would be seen and test of 124.18 cannot be ruled out, above there would bring another corrective rise to 124.65, break there would extend the rebound from 121.48

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 20 16 09:02 GMT

As the greenback found renewed buying interest at 1.2771 last week and has risen again, adding credence to our view that low has been formed at 1.2461 and mild upside bias remains for this rebound to bring retracement of early decline, hence gain to 1.3160-70 is likely, however, reckon upside would be limited to 1.3235-40

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 19 16 08:54 GMT

The single currency has finally dropped yesterday, a long black candlestick was formed and price just broke below previous support at 0.7735, adding credence to our view that top has been formed at 0.8117 and mild downside bias remains for the fall from there to bring retracement of early upmove to 0.7680-85 (38.2% Fibonacci retracement of 0.6983-0.8117), then towards

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 19 16 08:51 GMT

Although the single currency has maintained a firm undertone after finding support at 1.1013 and marginal gain from here cannot be ruled out, as the move from 1.0810 is still viewed as retracement of the fall from 1.1201 top, reckon upside would be limited and bring retreat later, below the upper Kumo (now at 1.1006) would bring test of the Kijun-Sen (now at 1.0988) but a daily close below support at 1.0955 is needed to

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 18 16 09:03 GMT

Kiwi's retreat after marginal rise to 0.7054 earlier this month suggests top has been formed there and consolidation with mild downside bias is seen for weakness towards previous support at 0.6668, however, a daily close below this level is needed to add credence to this view and bring further fall to 0.6600-10, then test of another previous support at 0.6575 but reckon support at 0.6545 would hold from here due to oversold condition.

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 18 16 08:34 GMT

Aussie only recovered to 0.7402 last week before dropping again, suggesting the fall from 0.7835 top is still in progress for retracement of the entire rise from 0.6827 low, hence this move may extend further weakness to 0.7210-15 (61.8% Fibonacci retracement of 0.6827-0.7835), however, reckon downside would be limited to 0.7108 support and price should stay above another previous support at 0.7069

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 17 16 08:49 GMT

The greenback has risen again after brief pullback to 0.9663, adding credence to our view that low has been formed at 0.9444 earlier this month (with a hammer bullish reversal pattern on the daily chart), hence consolidation with upside bias remains for this move to bring retracement of recent decline to 0.9845-50 (50% Fibonacci retracement of 1.0256-0.9444) and possibly towards previous resistance at 0.9914 but reckon upside would be limited to

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 16 16 09:43 GMT

The single currency only recovered to 1.1447 last week before dropping again, adding credence to our view that top has been formed at 1.1616 (with a shooting star on the daily chart) and consolidation below this level would be seen with mild downside bias for correction towards 1.1215-25 (previous support and current level of the upper Kumo), however, reckon another previous support at 1.1144 would limit downside

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 16 16 09:09 GMT

As the greenback found good support at 105.55 and staged a rebound last early last week, retaining our view that further consolidation above this level would be seen with mild upside bias for recovery to 109.90-00, however, reckon upside would be limited to the lower Kumo (now at 110.90) and reckon 111.72-89 (38.2% Fibonacci retracement of 121.69-105.55 and previous resistance) would hold

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 12 16 09:22 GMT

Although the single currency maintained a relatively firm tone after staging a rebound from 0.7735, as this move is viewed as retracement of the fall from 0.8117, reckon upside would be limited and as long as 0.7947-50 holds, mild downside bias remains for another retreat, a daily close below the Tenkan-Sen (now at 0.7841) would suggest top is possibly formed, bring weakness to 0.7790-00, then 0.7765 but break of latter level is needed to signal the rebound from 0.7735 has ended

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EUR/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 12 16 09:13 GMT

Although the single currency jumped again since last week and marginal gain from here cannot be ruled out, as the move from 1.0810 is still viewed as retracement of the fall from 1.1201 top, reckon upside would be limited and bring retreat later, below the upper Kumo (now at 1.1006) would bring test of the Kijun-Sen (now at 1.0976) but a daily close below support at 1.0955 is needed to signal top is formed, bring  further fall to

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 11 16 09:59 GMT

Aussie tumbled after faltering below previous resistance at 86.70, suggesting early rebound from 77.60 has ended there and downside bias is seen, break of last week's low at 78.20 would signal medium term erratic decline has resumed for retest of 77.60, break there would confirm and extend weakness to 77.00, then 76.00 but reckon downside would be limited to 75.50-55

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 11 16 09:32 GMT

Aussie has remained under pressure after recent selloff fro 0.7835, adding credence to our view that a temporary top has been formed at 0.7835 earlier last month and consolidation with mild downside bias is seen for retracement of recent upmove, hence weakness to 0.7285-90 is likely, however,  downside should be limited to 0.7210-15 (61.8% Fibonacci retracement of 0.6827-0.7835) and support at 0.7108 should hold

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 10 16 09:12 GMT

Although the British pound surged to as high as 1.4770 initially last week, the subsequent reversal from there suggests top has been formed and consolidation with downside bias is seen for weakness to 1.4350, then towards support at 1.4299, however, a daily close below the Ichimoku cloud (now at 1.4217-53) is needed to suggest the erratic rise from 1.3836 low has indeed ended at 1.4770, bring further fall to

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 10 16 09:09 GMT

Dollar's rebound from 0.9444 (last week's low) turned out to be stronger than expected, suggesting a temporary low has possibly been formed there and consolidation with mild upside bias is seen for retracement of recent decline, hence gain to the lower Kumo (now at 0.9747) and then previous resistance at 0.9797 would be seen but a daily close above latter level is needed to

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | May 09 16 10:14 GMT

As the single currency has retreated after last week's brief rise to 1.1616 and a shooting star was formed on the daily chart, suggesting consolidation below this level would be seen with mild downside bias for correction to 1.1350-55, then 1.1300, however, reckon 1.1211-15 (current level of the upper Kumo and previous support) would contain weakness and bring rebound later.

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