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Candlesticks and Ichimoku Weekly Analysis
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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.
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 25 09 15:06 GMT
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The single currency did drop to our indicated pullback target at 127.00 (last week's low was 126.98) and euro then rebounded throughout the week to as high as 133.45 this Monday. Price is currently testing the trendline resistance (joining 137.42 and 134.83) and although gain to 134.00 cannot be ruled out, only a daily close above 134.83 resistance would confirm the rise from 112.08 has finally resumed for re-test of 137.42, then towards Ichimoku cloud bottom at 138.52, otherwise, the possible triangle formation from 137.42 would continue. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 25 09 15:04 GMT
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The single currency did re-test indicated support at 0.8764 as expected in our previous update and hit a low of 0.8723 last week, however, euro's subsequent quick rebound from there suggests initial consolidation would take place this week and recovery to 0.8870/75 cannot be ruled out, however, Kijun-Sen (now at 0.9020) should limit upside and renewed selling interest shall emerge below Tenkan-Sen (now at 0.9078) and bring another decline. Below 0.8723 would extend weakness to 0.8675 (50% projection of 0.9491 to 0.8765 measuring from 0.9038), however, only if price breaks support at 0.8637 and closes below this level on a weekly basis, then this would confirm the major uptrend has indeed formed a top at 0.9805 earlier (with an 'evening star' bearish candlesticks pattern), then correction to 0.8500 would follow and eventual downside target will be pointing at the 0.8225 support level. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 24 09 15:33 GMT
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Although the single currency traded marginally lower initially last week to 1.3424, euro found good demand there (around the Tenkan-Sen) and rallied last week, and the daily close above indicated resistance at 1.3665/70 confirmed rise from 1.2457 has resumed, then the pair broke above resistance at 1.3739, price subsequently surged to 1.4051 last Friday. This long white candlestick formed last week signals the rise from 1.2457 remains in progress and headway to Ichimoku cloud top (now at 1.4184) would be seen, however, a weekly close above there is necessary to retain bullishness for further gain towards 1.4360/65. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 24 09 15:32 GMT
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Despite holding below indicated resistance at 1.5350 last Monday, once this level was broken, cable quickly surged almost 600 points to Friday's high of 1.5947. This long white candle or should be called as 'Marubozo' signals the rise from 1.3500 low is still in progress and this move is likely to bring retracement of medium term decline towards 1.6135, being 38.2% Fibonacci retracement of 2.0399 to 1.3500, however, upside should be limited to 1.6250 and reckon 1.6390/00 would hold from here and risk from there has increased for a strong pullback to take place later. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 24 09 15:31 GMT
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Despite initial brief recovery to 1.1263, the greenback met heavy selling pressure below the Tenkan-Sen and Ichimoku cloud top area, then tumbled on broad-based selloff in dollar, the greenback dropped to as low as 1.0812 last Friday before stabilizing. As price closed below the Ichimoku cloud bottom on the weekly chart, suggesting the decline from 1.1967 remains in progress and weakness to 1.0747, being 76.4% retracement of early from from 1.0370 to 1.1967) cannot be ruled out, however, downside should be limited to 1.0532 (approax. 1.5 time projection of 1.1967 to 1.1160 measuring from 1.1742) and chart support at 1.0370 should remain intact. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 24 09 15:29 GMT
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Despite last week's anticipated decline, the greenback did hold above indicated support at 93.55 and recovered from 93.85 last Friday. The candlestick formed last week though is a black candle, the relative small real body suggests initial consolidation would be seen this week and corrective bounce to 95.50/60 is likely, however, price should falter well below resistance at 96.70 and the decline from 101.45 top shall resume mostly likely in later part of this week. Looking ahead, a daily close below 93.55 support would bring further weakness to 92.58 (61.8% Fibonacci retracement of the rise from 87.10 to 101.45), however, 90.00 (also below the 100% projection of 101.45 to 95.63 measured from 99.80 at 90.38) should remain intact. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 19 09 02:02 GMT
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Despite dropping slightly below indicated Tenkan-Sen support at 143.24), renewed buying interest did emerge at 143.06 and sterling has rebounded from there, retaining our bullish view for another upmove later. Break of 150.90 would signal the rise from 118.87 has resumed for re-test of 151.53, above there would bring retracement of medium term decline from 215.89 to 153.50, then 155.93, being 38.2% Fibonacci retracement of the fall from 215.89 to 118.87. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 19 09 02:01 GMT
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Although the greenback recovered after falling to 1.1476, the bearish cross-over signal (as Tenkan-Sen crossed below Kijun-Sen on the weekly chart) signals medium term upmove has indeed formed a top at 1.3066 earlier and major correction has taken place. Having said that, a break below indicated chart support at 1.1465 or better the Ichimoku cloud bottom (now at 1.1365, also just below the 50% Fibonacci retracement of 0.9711 to 1.3066 at 1.1388) would add credence to this view and further fall to 1.1200, then towards eventual downside target at 1.1063 (50% Fibonacci retracement of entire rise from 0.9059 to 1.3066). |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 18 09 08:10 GMT
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The single currency missed our indicated upside target of 135.00 last week and then retreated sharply from there partly due to risk aversion, suggesting the rise from 112.08 is not ready to resume just yet and further consolidation below 137.42 resistance would take place this week and while weakness to 127.00 cannot be ruled out, support at 124.39 (just below the current location of Kijun-Sen at 124.75) should limit euro's downside for the time being and the single currency may stage another rebound from there. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 18 09 08:08 GMT
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Despite rebounding to 0.9037 last week, the single currency slipped again and re-test of 0.8764 cannot be ruled out, however, only if price breaks support at 0.8637 and closed below this level on a weekly basis, then this would confirm the major uptrend has indeed formed a top at 0.9805 earlier (with an 'evening star' bearish candlesticks pattern), then correction to 0.8500 would follow and eventual downside target will be pointing at the 0.8225 support level. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 18 09 08:06 GMT
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Although the single currency broke below 1.5017 in line with our expectation (we suggested the rebound from 1.5017 has ended last week in our previous update) and price dropped marginally to 1.5008, euro found good buying interest there and has just rebounded, suggesting further sideways trading is in store. However, only if euro is able to overcome 1.5228/30 (current level of Tenkan-Sen and Kijun-Sen), this would revive our bullish view and signal the pullback from 1.5448 has ended, a daily close above the Ichimoku cloud bottom (now locating at 1.5258) would add credence to this view, then euro shall head north towards 1.5370/80 and later re-test of 1.5448. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 18 09 08:01 GMT
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The aussie jumped last week to as high as 0.7714 and although price has then eased from that high on profit-taking mainly due to weakness in euro, the pair's downside should be limited to 0.7400 and bullishness remains for the rise from 0.6007 low is still in progress for stronger correction of medium term decline from 0.9851 to 0.7802, however, reckon 0.7929 (this is the confluence point of the top of Ichimoku cloud as well as the 50% fibo. retracement of 0.9852 to 0.6007) would limit upside and psychological 0.8000 should put a lid on aussie. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 17 09 08:39 GMT
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Although the British pound resumed recent upmove initially last week to as high as 1.5350, cable met heavy offers there and retreated in tandem with euro, however, cross-buying versus Japanese yen provided some support on sterling and the pair closed at 1.5148, resulting in a black candle with a small real body and further consolidation below 1.5350 is in store this week. As long as this resistance level holds, mild downside bias is seen but a daily close below 1.5050 is needed to confirm a temporary top has been formed there and bring correction of recent rise to 1.4940/50, then towards 1.4850. Having said that, renewed buying interest is likely to emerge around 1.4599-1.4614 (current location of Tenkan-Sen and Kijun-Sen respectively). |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 17 09 08:38 GMT
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The greenback fell below 1.1160 support as expected and price subsequently reached our indicated downside target at 1.0980 (last week's low was 1.0977). Although dollar dropped inside the Ichimoku cloud, the pair found good buying interest there and rebounded towards the latter part of last week. This strong bounce signals a minor low has been formed at 1.0977 and correction of the intermediate fall from 1.1742 to 1.1334 (current location of Kijun-Sen) and possibly towards 1.1445/50 (61.8%Fibonacci retracement of 1.1742 to 1.0977 and current level of Tenkan-Sen), however, price should falter well below 1.1589, being 61.8% Fibonacci retracement of entire fall from 1.1967 to 1.0977). |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 17 09 08:35 GMT
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Although the single currency rose towards our indicated upside target at 1.3739, euro failed to break this strong resistance an dropped from 1.3722 to as low as 1.3462, forming a small black candle on the weekly chart, suggesting the rebound from 1.2885 has possibly ended there and further consolidation below 1.3739 would be seen this week. We expect the pair may trade lower to 1.3402, then 1.3304 (38.2% and 50%Fibonacci retracement of 1.2885-1.3722 respectively), however, downside should be limited to Tenkan-Sen (currently locating at 1.3286) and 1.3205, being 61.8%Fibonacci retracement and 1.3000 should remain intact, then euro should continue to stay within the trading band of 1.2885-1.3739. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 17 09 08:33 GMT
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The greenback continued to fall throughout last week and easily met our downside target at 97.22 and 96.50, as the pair finally penetrated the support at 95.63, reinforcing the view that rise from 87.10 has ended at 101.45 (with a 'doji' star) and the black candle formed last week suggests correction of this move is still in progress. Having said that, we expect the Kijun-Sen (currently locating at 94.29) to limit downside initially and support at 93.55 should hold from here and bring recovery later. Looking ahead, if a daily close below 93.55 support happens, then further weakness to 92.58 (61.8% fibo. retracement of the rise from 87.10 to 101.45), however, 90.00 (also below the 100% projection of 101.45 to 95.63 measured from 99.80 at 90.38) should remain intact. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 12 09 09:58 GMT
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Although the British pound rose marginally to 150.90 as expected, as sterling has retreated after faltering below indicated resistance at 151.53, suggesting initial consolidation below this level would take place and pullback to 144.96 (61.8% fibo. retracement of 139.03-150.90) is likely, however, renewed buying interest shall emerge around Tenkan-Sen (now at 143.24) and yield another upmove later. Break of 150.90 would signal the rise from 118.87 has resumed for re-test of 151.53, above there would bring retracement of medium term decline from 215.89 to 153.50, then 155.93, being 38.2% fibo. retracement of the fall from 215.89 to 118.87. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 12 09 09:57 GMT
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Another black candlestick was formed last week as expected and just as we anticipated, the greenback continued to head south and reached our indicated downside target at 1.1538 or the Ichimoku top, however, the repeatedly mentioned key sup at 1.1465 did hold on initial testing and the pair has recovered from 1.1476 on Monday this week. Even the greenback has bounced after trading above the indicated support at 1.1465, as the Tenkan-Sen has crossed below the Kijun-Sen on the weekly chart, providing a strong sell signal (which happened above the current price level), so bearishness remains for decline from 1.3066 top to bring weakness to 1.1465, break there would yield stronger retracement of medium term upmove to Ichimoku cloud bottom (now at 1.1362) and eventually towards 1.1063 (50% fibo. retracement of 0.9059 to 1.3066). |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 11 09 09:47 GMT
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Although the single currency rebounded last week after trading above the Tenkan-Sen as indicated in our previous update, Friday's retreat ended last week with another 'doji' star (a real doji with open and close price at the same level), suggesting the rebound from 1.5017 has ended at 1.5175 last week. Having said that, euro still needs to drop below said support level (also the current level of Tenkan-Sen) to bring stronger retracement of the rise from 1.4577 to 1.4900/10 (approax. 61.8% retracement of 1.4577-1.5448) and possibly 1.4750 but reckon 1.4655/60 should contain weakness and support at 1.4577 would continue to hold, then the single currency shall stage another strong rebound. |
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Candlesticks and Ichimoku Weekly |
Written by ActionForex.com |
May 11 09 09:46 GMT
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Although the single currency dropped briefly below support at 0.8786 to 0.8764 last week, price held above indicated key support at 0.8637 and staged a rebound from there during the latter part of the week and jumped to 0.9005 on Monday this week. This late rebound formed a small 'hammer' like candlesticks pattern on the weekly chart, suggesting the retreat from 0.9491 has ended there and further consolidation within recent trading band of 0.8637-0.9805 would continue with mild upside bias for gain to 0.9080/85 but a daily close above there is needed to retain bullishness for stronger rebound to 0.9213 (61.8% fibo. retracement of 0.9491 to 0.8764), however, 0.9390/00 should hold from here. |
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