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Oct 01 20:17 GMT

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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 01 14 07:32 GMT

Kiwi's decline has accelerated in the past two weeks and pscyhological support at 0.8000 was penetrated, adding credence to our bearish view the erratic rise from 0.7371 has ended at 0.8836, hence bearishness remains 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 01 14 07:28 GMT

The Australian dollar continued to head south after recent selloff and aussie looks set to retest previous chart support at 0.8660 (this year's low), however, break there is needed to retain bearishness and extend medium term downtrend for subsequent weakness to 0.8590-00 and eventually towards 0.8500 which is likely to hold from here due to oversold condition, risk from there has increased for a corrective rebound to take place later.

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USD/CHF Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 30 14 07:56 GMT

The greenback found renewed buying interest at 0.9353 (we recommended to buy at 0.9300) before resuming recent upmove, indicated targets at 0.9455-56 and 0.9520-25 (2 times projection of 0.8703-0.9037 measuring from 0.8856) had been met and further gain to 0.9570 (76.4% retracement of 0.9839-0.8699), then 0.9600-10 would be seen, however, upside should be limited to 0.9650-60

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GBP/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 30 14 07:55 GMT

Although the British pound has retreated after meeting resistance at 1.6525, a daily close below support at 1.6162 is needed to signal the rebound from 1.6052 has ended there and retain bearishness for recent selloff from 1.7192 top to resume, bring weakness to 1.6100, then retest of said support at 1.6052 which is likely to hold on first testing. Looking ahead, a break of 1.6052 would extend the selloff from 1.7192 top for retracement of medium term upmove to 1.6000-05

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EUR/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 29 14 11:01 GMT

The single currency dropped again after meeting renewed selling interest just above 1.2900 initially last week, adding credence to our bearish view that recent selloff from 1.3993 top is still in progress and indicated downside target at 1.2720 (2 times extension of 1.3993-1.3503 measuring from 1.3700) had been met, hence further fall to 1.2600 and possibly 1.2550 would be seen

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USD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 29 14 10:42 GMT

The greenback found renewed buying interest at 108.25 last week and has risen again in later part of the week, adding credence to our bullishness for medium term upmove to resume and further gain to 110.15-20 (61.8% projection of 77.14-103.74 measuring from 93.75) and possibly 110.50-60 would be seen, however, overbought condition should prevent sharp move beyond 112.00

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EUR/GBP - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 25 14 10:13 GMT

The single currency has fallen again after meeting renewed selling interest at 0.8066 and bearishness remains for recent selloff to extend further weakness to previous chart support at 0.7756 (2012 low), however, loss of downward momentum should prevent sharp fall below 0.7740-45 (61.8% projection of 0.8400-0.7874 measuring from 0.8066) and reckon 0.7700 would hold from here, risk from there has increased for a corrective rebound

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EUR/CHF - Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 25 14 09:31 GMT

As the single currency has retreated again after faltering below resistance at 1.2119, retaining 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 rebound later. Above said resistance at 1.2119 would suggest low is possibly formed

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AUD/JPY Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 24 14 09:24 GMT

Although aussie did rebound to 97.90 after finding support at 96.40 last week, renewed selling interest emerged there and the pair has fallen again, suggesting top has been formed earlier at 98.65 (this month's high) and downside bias is seen for retracement of recent upmove, break of the Ichimoku cloud (now at 95.00-22) would add credence to this view, bring further weakness to 94.50-55

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AUD/USD Candlesticks and Ichimoku Analysis Print E-mail
Candlesticks and Ichimoku Weekly | Written by Action Forex | Sep 24 14 09:06 GMT

The Australian dollar met renewed selling interest at 0.9112 last week and has fallen again, justifying our view that top has been formed at 0.9505 earlier and the breach of 0.8890 support also suggest the rebound from 0.8660 has ended and bearishness remains for this decline to extend further weakness to 0.8800, then 0.8770, however, oversold condition should limit downside to support at 0.8700-10

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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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