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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.


NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 22 14 09:45 GMT

Although kiwi has recovered after early selloff to 0.7709 and further consolidation above this level would be seen, still reckon upside would be limited to 0.8030-35 and bring another decline later, below 0.7795-00 would signal the recovery from 0.7709 has ended and bring retest of 0.8836 top has resumed for a test of last year's low at 0.7683. A sustained breach below this level would encourage for the decline from 0.8836 to extend weakness towards 0.7600 and eventually 0.7500

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 22 14 09:42 GMT

The Australian dollar continued to find good support above recent low at 0.8643, retaining our view that minor consolidation above this level would be seen and initial upside risk remains for another corrective bounce to 0.8900. then towards 0.8930-35 (38.2% Fibonacci retracement of 0.9402-0.8643), however, price should falter well below 0.9000 and bring another decline. A break of said support at 0.8643 would extend recent decline to 0.8590-00

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 21 14 09:43 GMT

Although the British pound fell again and hit a low of 1.5875 last week, the subsequent rebound suggest consolidation above this level would be seen and test of the Kijun-Sen (now at 1.6200) is likely, however, a daily close above resistance at 1.6227 is needed to add credence to this view, bring retracement of recent decline to 1.6280-90, break there would encourage for a stronger rebound towards the lower Kumo (now at 1.6391).

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 21 14 09:38 GMT

Although the greenback slipped last week to as low as 0.9360, as the pair has rebounded after holding above indicated level at 0.9353-57 (previous support and 50% Fibonacci retracement of 0.9024-0.9690), retaining our bullishness and as long as this level holds, consolidation with upside bias is seen for another rebound to 0.9560-70, however, break of 0.9590-00 is needed to signal retreat from 0.9690 has ended and bring retest of this level.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 20 14 10:03 GMT

The single currency found renewed buying interest just above 1.2600 level and has rebounded again last week, retaining our view that further consolidation above recent low at 1.2501 would be seen and another corrective bounce to last week's high of 1.2887 cannot be ruled out, however, reckon upside would be limited to 1.2965-70 (50% Fibonacci retracement of 1.3433-1.2501) and 1.3000 should hold, price should falter well below 1.3077

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 20 14 09:32 GMT

Although the greenback met renewed selling interest at 107.50 and dropped again late last week to 105.20, the subsequent rebound suggests fall from 110.09 has possibly ended there (or at least first leg of decline), hence consolidation with mild upside bias is seen for test of said resistance at 107.50, then the Kijun-Sen (now at 107.65), above there would add credence to this view, bring a stronger rebound to 108.15-20, however, reckon resistance at 108.74 would limit upside

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 14 14 08:11 GMT

Although the British pound did rebound to 1.6227 (just missed our target at 1.6250), lack of follow through buying and the subsequent retreat suggest consolidation would be seen but reckon 1.6000 would limit downside and bring another rebound later, above said resistance at 1.6227 would add credence to our view that a temporary low has possibly been formed at 1.5951 and bring test of the Kijun-Sen (now at 1.6239), a daily close above this level would bring retracement of recent decline to 1.6287, then 1.6335-45

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

Last week's retreat to 0.9469 adds credence to our view that a temporary top has been formed at 0.9690 and further consolidation below this level would be seen with initial downside bias for another corrective fall to 0.9430-35 (38.2% Fibonacci retracement of 0.9024-0.9690), however, price should stay above 0.9400 and bring another rise later. Above 0.9625-30 would signal the retreat from 0.9690 has ended and bring retest of this level later

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 13 14 08:40 GMT

Despite rebounding to 109.90 early last week, the subsequent retreat after faltering below recent high at 110.09 and price broke below previous support at 108.01, dampening our bullishness and suggests a temporary top has possibly been formed at 110.09, hence near term downside risk remains for retracement of recent upmove to the 106.81 support, however, reckon 106.50-55 (1.618 times projection of 110.09-108.01 measuring from 109.90) and bring rebound later.

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 13 14 08:38 GMT

The single currency found good support above recent low at 1.2501 and staged a strong rebound, suggesting minor low has been formed there, hence consolidation above this level would be seen and another corrective bounce to 1.2791 cannot be ruled out, above there would bring retracement of recent decline to 1.2855-60 (38.2% Fibonacci retracement of 1.3433-1.2501), then 1.2965-70 (50% Fibonacci retracement of 1.3433-1.2501) but reckon 1.2995-00 resistance would limit upside

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 10 14 08:37 GMT

Euro's reversal after rising to 141.23 last month suggests the rebound from 135.73 has ended there and consolidation with downside bias is seen for weakness to 136.50, then towards said support at 135.73, however, break there is needed to retain bearishness and signal early decline from 145.69 top has resumed and extend subsequent fall to 135.00 and later towards 134.00

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 10 14 08:10 GMT

The greenback found support at 1.1082 and has rebounded, suggesting recent upmove is likely to resume after consolidation and above resistance at 1.1270-79 would confirm medium term upmove has resumed and extend headway to 1.1340-50, then towards 1.1440-45 (50% projection of 0.9633-1.1279 measuring from 1.0621), however, overbought condition should prevent sharp move beyond 1.1500-10

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EUR/GBP - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 09 14 09:12 GMT

Although the single currency has maintained a firm undertone after staged a strong rebound from 0.7766 last week and test of the Kijun-Sen (now at 0.7916) cannot be ruled out, reckon price would falter well below the Ichimoku cloud (now at 0.7955-59) and bring another decline later, below 0.7820-25 would suggest the rebound from 0.7766 has ended and bring another fall towards support area at 0.7756-66.

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 09 14 08:53 GMT

Although euro's rebound after holding above support at 1.2045 suggests further consolidation above 1.2045 support would be seen and another corrective bounce to 1.2160 cannot be ruled out, break of resistance at 1.2178 is needed to signal recent decline from 1.2650 has ended and bring a stronger rebound towards resistance at 1.2250, once this level is penetrated, this would revive bullishness and confirm low formation, bring further subsequent gain to 1.2297-00

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 08 14 02:43 GMT

Aussie did run into renewed selling interest around the Tenkan-Sen (a short position was entered at 96.90) and dropped again late last month, our indicated downside target at 94.90 was just met last week, adding credence to our view that fall from 98.65 (last month's high) is still in progress and may extend weakness towards 94.20-30 (1.618 times projection of 98.65-96.40 measuring from 97.90), however, reckon previous support at 93.95 would hold

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 08 14 02:40 GMT

Despite last week's brief fall to 0.8643, lack of follow through selling on break of previous support at 0.8660 and the subsequent rebound this week suggest consolidation above this level would be seen and initial upside risk is seen for corrective bounce to 0.8885-90. then towards 0.8930-35 (38.2% Fibonacci retracement of 0.9402-0.8643), however, price should falter well below 0.9000 and bring another decline. A break of said support at 0.8643 would extend recent decline to 0.8590-00 and eventually towards 0.8500

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 07 14 10:14 GMT

Although the British pound extended recent selloff from 1.7192 top to as low as 1.5951 yesterday, loss of downward momentum should prevent sharp fall below there and near term upside risk is seen for a retracement of recent decline, above the Tenkan-Sen (now at 1.6147) would add credence to this view, bring test of the Kijun-Sen (now at 1.6284) but only a daily close above there would provide confirmation of a temporary low formation, bring correction to 1.6335-45, then 1.6400Weekly

  • Last Candlesticks pattern: N/A
  • Time of formation: N/A
  • Trend bias: Up

Daily

  • Last Candlesticks pattern: Doji
  • Time of formation: 25 June 2014
  • Trend bias: Up


GBP/USD – 1.6048

Although the British pound extended recent selloff from 1.7192 top to as low as 1.5951 yesterday, loss of downward momentum should prevent sharp fall below there and near term upside risk is seen for a retracement of recent decline, above the Tenkan-Sen (now at 1.6147) would add credence to this view, bring test of the Kijun-Sen (now at 1.6284) but only a daily close above there would provide confirmation of a temporary low formation, bring correction to 1.6335-45, then 1.6400, however, price should falter well below resistance at 1.6525.

Below said support at 1.5951 would signal the aforesaid decline from 1.7192 top is still in progress and may extend weakness to 1.5900-10 and possibly towards previous chart support at 1.5854, however, loss of downward momentum should prevent sharp fall below this support and reckon 1.5790-00 would limit downside, price should stay above 1.5700 and bring rebound later.

Recommendation: Turn long here for 1.6250 with stop below 1.5950.

 

 

On the weekly chart, although the British pound has remained under pressure after recent reversal from 1.7192 and weakness to 1.5900 cannot be ruled out, reckon the Ichimoku cloud bottom (now at 1.5819) would limit downside and reckon 1.5718-22 (previous chart resistance turned support and 61.8% Fibonacci retracement of 1.4814-1.7192) would limit downside and price should stay above 1.5500, bring a much-needed corrective rebound in later part of Q4.

On the upside, whilst initial recovery to 1.6140-50 and possibly 1.6200 would be seen, reckon last week's high of 1.6287 would limit upside and price should falter below the Tenkan-Sen (now at 1.6399), bring another decline later. A weekly close above the Tenkan-Sen would suggest a temporary low is possibly formed, bring test of the upper Kumo (now at 1.6471) but still reckon the Kijun-Sen (now at 1.6572) would cap upside, bring another selloff later.

 
USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 07 14 09:50 GMT

Although the greenback extended recent upmove to as high as 0.9690 yesterday, the subsequent retreat suggests initial consolidation below this level would be seen this week and pullback to the Tenkan-Sen (now at 0.9570) and possibly 0.9515-20 cannot be ruled out, however, still reckon the Kijun-Sen (now at 0.9432) would limit downside and bring another rise later. A break of said resistance at 0.9690 would extend recent upmove from 0.8699 low to resistance at 0.9752, a sustained breach above there would signal medium term uptrend has resumed for headway towards 0.9839

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 06 14 10:13 GMT

The single currency met renewed selling interest below the Tenkan-Sen and has fallen again late last week, adding credence to our bearish view that recent selloff from 1.3993 top is still in progress and weakness to 1.2500, then 1.2470 would be seen, however, near term oversold condition would limit downside to 1.2415-20

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Oct 06 14 09:47 GMT

Although the greenback retreated after rising briefly above 110.00, as dollar found good support just above 108.00 and has staged a strong rebound, retaining bullishness for medium term upmove to resume after consolidation and bring further gain to 110.15-20 (61.8% projection of 77.14-103.74 measuring from 93.75) and possibly 110.50-60, however, near term overbought condition should prevent sharp move beyond 112.00

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