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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 | Sep 23 14 07:13 GMT

Although cable's rebound from 1.6052 turned out to be stronger than expected and consolidation above said support would take place for 1-2 weeks, reckon upside would be limited to 1.6500-10 and 1.6620-25 (50% Fibonacci retracement of 1.7192-1.6052) should hold and bring another decline, below 1.6240-50 would bring test of support at 1.6162, however, break there is needed to signal the rebound from 1.6052 has ended and then retest of this level would follow.

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 23 14 07:11 GMT

The greenback only eased to 0.9300 (we recommended to buy dollar at 0.9260 in our previous update) before finding renewed buying interest and dollar has risen again and maintained a firm undertone, adding credence to our view that the upmove from 0.8699 low is still in progress (indicated target at 0.9400-05 - 61.8% Fibonacci retracement of 0.9839-0.8699 had been met) and further gain towards resistance at 0.9455-56 and possibly psychological level at 0.9500 is seen

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 22 14 10:01 GMT

The single currency has fallen again after brief recovery to 1.2995 last week, adding credence to our view that bearishness remains for recent selloff from 1.3993 top to extend weakness towards previous support at 1.2745-55 and possibly 1.2720 (2 times extension of 1.3993-1.3503 measuring from 1.3700), however, loss of near term downward momentum should prevent sharp fall below 1.2600-10

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 22 14 09:44 GMT

The greenback only eased to 106.81 before finding renewed buying interest (we recommended in our previous update to buy at 106.20) and dollar has rallied again from there, indicated upside targets at 107.95-00 (61.8% projection of 93.75-105.44 measuring from 100.76) and 109.00-10 had been met and bullishness remains for further gain towards 110.15-20

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 19 14 10:20 GMT

The single currency only eased to 138.47 before heading north again and recent upmove gathered momentum this week, previous resistance at 140.09 was penetrated yesterday, adding credence to our bullish view that recent decline has ended at 135.73 last month, hence consolidation with upside bias remains for at least a retracement of recent decline to 140.95-00, then 141.85-90

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 19 14 10:02 GMT

Despite rising initially to 1.1099 this week, the greenback ran into strong resistance there and has retreated throughout this week, suggesting consolidation below said resistance would be seen, however, still reckon downside would be limited to 1.0900 and bring another rise later, above said resistance at 1.1099 would extend recent rise from 1.0621 low to 1.1150 and then 1.1200

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 18 14 10:13 GMT

Despite last week's rebound to 0.8066, lack of follow through buying and the subsequent sharp retreat dampened our near term bullishness and suggest downside risk remains for a retest of recent low at 0.7874, break there would confirm early decline has resumed for weakness to 0.7850 and possibly 0.7830, however, loss of downward momentum should prevent sharp fall below 0.7810-15 and price should stay well above previous chart support at 0.7756

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 18 14 10:04 GMT

Euro's retreat after meeting resistance at 1.2119 last week has retained our view that near term downside risk remains for another fall to 1.2045, however, downside should be limited to previous support at 1.2031 and still reckon price would stay above SNB rate floor at 1.2000 and bring another rebound later. Above said resistance at 1.2119 would suggest low is possibly formed, bring test of the lower Kumo

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NZD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 17 14 08:18 GMT

Kiwi continued to meet selling interest around the Tenkan-Sen and price has dropped again in the past two weeks, adding credence to our bearish view that recent selloff from 0.8836 top is still in progress and bearishness remains for this fall to extend further weakness to previous chart support at 0.8052, however, oversold condition should limit downside to psychological support at 0.8000 and reckon 0.7950-60 would hold

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 17 14 08:15 GMT

The Australian dollar only recovered to 0.9218 before dropping again last week, this selloff adds credence to our view that top has been formed at 0.9505 and bearishness remains for this decline to bring at least a strong retracement of early rise towards 0.8920-25, however, oversold condition should limit downside to support at 0.8890 and reckon 0.8825-30 would contain downside, risk from there has increased for a rebound to take place later.

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 16 14 08:14 GMT

Although the British pound dropped to as low as 1.6052 last week, the subsequent rebound suggests consolidation above this level would be seen initially this week as traders await BOE vote outcome and more importantly Scottish Independence referendum, however, still expect 1.6285-90 to limit cable's upside and bring another decline. A break of said support at 1.6052 would extend the reversal from 1.7192 top for test of 1.6000-05

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 16 14 08:12 GMT

As the greenback has maintained a firm undertone after recent rally, suggesting the upmove from 0.8699 low is still in progress and may extend further gain to 0.9400-05 (61.8% Fibonacci retracement of 0.9839-0.8699), then towards resistance at 0.9455-56, however, near term overbought condition should prevent sharp move beyond psychological resistance at 0.9500 and reckon 0.9535 would hold

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 15 14 10:15 GMT

Although the single currency recovered after dropping to 1.2859 last week and minor consolidation above this level cannot be ruled out, reckon upside would be limited to the Tenkan-Sen (now at 1.3010) and bring another decline, a break of said support would signal recent reversal from 1.3993 top is still in progress for at least a retracement of early upmove towards previous support at 1.2745-55, then 1.2720

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 15 14 09:51 GMT

As recent upmove gathered momentum last week after breaking previous chart resistance at 105.44, adding credence to our bullish view that medium term upmove is still in progress and price exceeded indicated upside targets at 106.00 and 107.00-05 (50% projection of 77.14-103.74 measuring from 93.75) had been met and current firmness suggests further headway to 107.95-00

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EUR/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 12 14 11:18 GMT

Despite last week's brief fall to 135.82, as the single currency found decent demand just above previous support at 135.73 and has staged a strong rebound above resistance at 138.28, suggesting a temporary has possibly been formed at 135.73 and consolidation with upside bias is seen for retracement of recent decline to previous resistance at 139.28.

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USD/CAD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 12 14 11:02 GMT

The greenback did find renewed buying interest at 1.0840 (we recommended in our previous update to buy at 1.0845 and a long position was entered) and price has rallied again since, our indicated upside target at 1.1045 was met yesterday (with 200 points profit), this anticipated rise above previous resistance at 1.0998 adds credence to our bullish view that early fall from 1.1279 top has ended at 1.0621 earlier

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EUR/GBP Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 11 14 10:02 GMT

Although the single currency staged a brief bounce to 0.8066, lack of follow through buying on break of the upper Kumo and this week's sharp retreat suggest further consolidation would be seen, however, as long as support at 0.7892 holds, prospect of another rebound remains, above said resistance at 0.8066 would add credence to our view that low has been formed at 0.7874, 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 | Sep 11 14 09:51 GMT

Although the single currency has rebounded after falling marginally to 1.2045 last week and corrective bounce to the lower Kumo (now at 1.2158) cannot be ruled out, only break of resistance at 1.2178 would signal low has been formed and bring at least a retracement of recent decline, otherwise, downside risk remains for another decline, a break of said support at 1.2045 would extend recent decline from 1.2650 to previous support at 1.2031

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 10 14 09:42 GMT

Recent rally together with the breach of previous resistance at 96.50 add credence to our bullish view that the rise from 86.45 is still in progress (indicated upside target at 98.15-20 - 61.8% Fibonacci retracement of 105.40-86.45 had been met) and further gain to 98.75 (previous support) and 99.00 would be seen, however, overbought condition should prevent sharp move beyond psychological resistance at 100.00

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 10 14 09:35 GMT

Although the Australian dollar staged a rebound to 0.9402 late last week, aussie ran into heavy offers there and has tumbled below previous support at 0.9203-09, reviving our bearishness for the decline from 0.9505 top to bring retracement of early upmove to 0.9140-50 and possibly 0.9100 but reckon downside would be limited to 0.9045-50, price should stay above psychological support at 0.9000

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Advanced Candlesticks and Ichimoku Strategies for Forex Trading

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