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Elliott Wave Weekly Analysis

Elliott Wave Principle reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific and measurable patterns. If you can identify repeating patterns in prices, and figure out where in those repeating patterns we are today, then you can predict where we are going in the future.

  • The daily trade ideas section provides trading strategies everyday for our readers to profit from these identifiable patterns.
  • The weekly analysis section provides wave counts and forecasts from the bigger picture.


GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 16 14 08:18 GMT

As the British pound recovered after falling marginally to 1.5541 last week, suggesting further consolidation would be seen, above 1.5757 (last week's high) would bring another corrective bounce to resistance at 1.5826 but a daily close above there is needed to signal a temporary low has been formed, bring retracement of recent decline to 1.5900, then test of resistance at 1.5945. Looking ahead, only above there would add credence to this view

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 16 14 08:09 GMT

Although the greenback rose marginally to 0.9818 last week, as dollar has retreated after faltering below previous resistance at 0.9839 (2013 high), suggesting a week of consolidation below this level would be seen and test of previous support at 0.9595 cannot be ruled out, however, a daily close below there is needed to signal a temporary top has been formed there, bring retracement of recent upmove to 0.9531 support.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 15 14 11:28 GMT

Although the greenback rose to as high as 121.85, the subsequent retreat suggest a minor top has been formed there and consolidation below this level is seen with initial downside bias, below 117.24-44 support area would bring retracement of recent rise to 116.40-50, then towards 115.45-50 (previous support and 38.2% Fibonacci retracement of 105.20-121.85) where renewed buying interest should emerge, bring another rise later.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 15 14 11:19 GMT

As the single currency has rebounded after falling to 1.2247 earlier this month, suggesting consolidation above this level would be seen and above last week's high at 1.2495 would bring test of 1.2530-35 but only break of resistance at 1.2600 would revive near term bullishness and signal a temporary low has been formed, bring retracement of recent decline to 1.2700 and then resistance at 1.2771, however, reckon upside would be limited to 1.2800-05

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 12 14 11:08 GMT

Although the single currency rose briefly to 149.79 earlier this week, lack of follow through buying and the subsequent retreat suggest consolidation would be seen with mild downside bias for test of this week's low at 146.43, then previous support at 145.59, however, break of latter level is needed to signal a temporary top has possibly been formed there

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 12 14 11:02 GMT

Although the greenback extended recent upmove to as high as 0.9818 earlier this week, lack of follow through buying and the subsequent retreat suggest a week of consolidation below this level would be seen and test of previous support at 0.9595 cannot be ruled out, however, a daily close below there is needed to signal a temporary top has been formed there, bring retracement of recent upmove to 0.9531 support.

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 11 14 09:51 GMT

The single currency found renewed buying interest just above last week's low at 0.7832 and has rebounded again, retaining our near term bullishness and consolidation with upside bias remains for test of resistance at 0.7799, break there would signal the retreat from 0.8047 has ended and bring subsequent rise towards this level. Looking ahead, a sustained breach above indicated resistance area at 0.8047-66 is needed to provide confirmation that low has been formed at 0.7766

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 11 14 09:43 GMT

As the greenback has maintained a firm undertone after anticipated resumption of recent upmove, adding credence to our bullishness and upside bias remains for further gain in wave c to 1.1550 and possibly 1.1600, however, as this move is viewed as the final phase of this wave c (i.e. minor wave v), reckon upside would be limited to 1.1650-60 (1.618 times projection of wave a measuring from b wave trough at 0.9633)

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 10 14 10:29 GMT

As the single currency has retreated again after meeting resistance at 1.2047, suggesting downside risk remains for recent decline to extend marginal weakness, however, as broad outlook is still consolidative, reckon downside would be limited and price should stay above SNB's minimum rate at 1.2000, the pair should stage another rebound from there later. Above 1.2070-80 would suggest low is possibly formed and bring rebound to 1.2120, then towards resistance at 1.2140

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 10 14 10:26 GMT

Although the Australian dollar extended recent decline to as low as 0.8224 yesterday, as aussie has recovered, minor consolidation would be seen and recovery to 0.8390-00 cannot be ruled out, however, reckon previous support at 0.8480 would limit upside and bring another decline later. A break of said support at 0.8224 would extend recent decline to 0.8150 and possibly 0.8100, however, loss of downward momentum should prevent sharp fall below support at 0.8066

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 09 14 09:46 GMT

Although the British pound resumed recent decline after brief recovery, as cable found support at 1.5541 and has rebounded yesterday, suggesting consolidation above this level would be seen and recovery to 1.5760-65 cannot be ruled out, however, a daily close above resistance at 1.5826 is needed to signal a temporary low is formed, bring retracement of recent decline to 1.5900, then test of resistance at 1.5945.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 09 14 09:40 GMT

Despite early fall to 1.4943, lack of follow through selling on break of previous support at 1.4974 and the subsequent strong rebound from 1.4943 have retained our view that further choppy trading would be seen and initial upside risk remains for gain to 1.5390-00, however, only break of resistance at 1.5455-60 would signal the correction from 1.5536 has ended and bring retest of this level.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 08 14 10:05 GMT

The greenback has surged again after brief pullback and upside bias is seen for medium term uptrend to extend further gain to 122.00-10 and possibly 122.50-60, however, loss of near term upward momentum should prevent sharp move beyond 123.20-25 (2 times extension of 101.07-110.09 measuring from 105.20) and reckon 124.10-15 (50% projection of 105.20-118.98 measuring from 117.24) would hold

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 08 14 09:47 GMT

The single currency has fallen again last week and as price has remained under pressure, suggesting the major fall from 1.3993 top is still in progress and may extend further weakness to 1.2200-10 and possibly 1.2140-50 (61.8% projection of 1.3700-1.2501 measuring from 1.2887), however, loss of downward momentum should prevent sharp fall below 1.2100 and reckon 1.2050 would hold, price should stay well above psychological support at 1.2000

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 05 14 11:10 GMT

The single currency found renewed buying interest at 145.59 and has staged a stronger-than-expected rebound from there, dampening our near term bearish prospect of another corrective fall and retest of recent high at 149.14 cannot be ruled out, however, break there is needed to signal recent upmove has once again resumed and extend gain to psychological resistance at 150.00, then 151.00 but reckon upside would be limited to 153.00

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 05 14 10:56 GMT

Dollar has resumed recent upmove earlier this week, our long position entered at 0.9540 met indicated upside target at 0.9740 with 200 points profit, although this anticipated resumption of uptrend has justified our bullishness and further gain to 0.9850 cannot be ruled out, weakening of upward momentum should prevent sharp move beyond 0.9900-10 and price should falter below psychological resistance at 1.0000

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 04 14 10:38 GMT

As euro has dropped again after meeting resistance at 0.7977 earlier this week, suggesting near term downside risk remains for marginal weakness from here, however, as outlook remains consolidative, reckon support at 0.7799 would limit downside and bring another rebound later, above said resistance at 0.7799 would signal the retreat from 0.8047 has ended and bring subsequent rise towards this level.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 04 14 10:30 GMT

The greenback staged the anticipated rebound earlier this week and our long position entered at 1.1200 met indicated upside target at 1.1450 with 250 points profit and price rose to as high as 1.1459 before easing, this expected move adds credence to our view that the retreat from 1.1467 has ended at 1.1191 and bullishness remains for recent upmove to resume after consolidation, bring retest of 1.1467.

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 03 14 10:30 GMT

Although the single currency fell again to 1.3884 late last month, the subsequent rebound to 1.4269 suggests consolidation above said support would be seen and another corrective bounce would take place later, above said resistance at 1.4269 would bring recovery to 1.4340-50 before prospect of another decline. A break of 1.3884 would signal recent decline from 1.5586 (wave (A) top) has resumed and extend weakness to 1.3850-60

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 03 14 10:21 GMT

After scoring 200 points profit on our previous short position entered at 0.8750, we recommended to sell aussie again in our previous update made last week on 26 Nov to sell again at 0.8600 and another short position was entered there on 27 Nov, price then met renewed selling interest at 0.8615 and has fallen again. The pair dropped to as low as 0.8389 earlier today, our downside target at 0.8400 was met and generated another 200 points profit.

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