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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 06 16 12:01 GMT

Although cable has continued moving higher after breaking above indicated resistance at 1.2674 last week, adding credence to our view that a temporary low has been formed at 1.1995 and mild upside bias remains for the corrective rise from there to bring retracement of recent decline, hence further gain to previous support at 1.2866 would be seen, however, reckon upside would be limited to

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 06 16 11:54 GMT

Sterling has surged again after brief pullback to 138.55, adding credence to our bullish count that wave v has ended at 120.50 back in October and upside bias remains for the rebound from there to bring retracement of early selloff to 147.00-10, then 148.00, however, near term overbought condition should prevent sharp move beyond psychological level at 150.00, risk from there has increased for a retreat later.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 05 16 12:10 GMT

Although the single currency fell briefly to 1.0506, lack of follow through selling on break of previous support at 1.0518 and current rebound suggest consolidation above this level would be seen and recovery towards 1.0809-17 (38.2% Fibonacci retracement of 1.1300-1.0518 and previous resistance) is likely, however, reckon upside would be limited to

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 05 16 11:50 GMT

The greenback has risen again after recent rally and has maintained a firm undertone, adding credence to our bullish count that low has been formed earlier (we are keeping a latest preferred count that a failure 5th formed at 99.54 back in August), hence, upside bias remains for further gain to 115.00, then 115.60 (61.8% Fibonacci retracement of 125.86-99.01), however,

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 02 16 11:59 GMT

The single currency only eased to 118.55 (Monday's low) before rising again (missed our long entry at 118.00), adding credence to our bullish view that wave C of larger degree wave 2 has ended at 109.49 and impulsive upmove has commenced from there, upside target at 120.90-00 (50% Fibonacci retracement of 132.33-109.49) had been met and upside bias remains for test of

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 02 16 11:46 GMT

As the greenback retreated after marginal rise to 1.0205 earlier this week, suggesting consolidation below this level would be seen and pullback to 1.0075-80 cannot be ruled out, however, reckon previous resistance at 0.9999 (now support) would limit downside and 0.9955 (38.2% Fibonacci retracement of 0.9550-1.0205) would limit downside and bring another rise later.

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 01 16 11:57 GMT

The single currency has fallen again after brief recovery, suggesting the decline from wave iii top of 0.9576 is still in progress and initial downside risk remains for this wave iv to bring retracement of recent upmove, hence weakness to 0.8400 cannot be ruled out, however, reckon loss of near term downward momentum would prevent sharp fall below

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Dec 01 16 11:51 GMT

The greenback retreated after rising to 1.3589 last month, suggesting consolidation below this level would be seen and initial downside risk remains for minor correction to 1.3350, then 1.3300, however, reckon previous support at 1.3264 would limit downside and bring another upmove later. Above 1.3538 would signal the pullback from 1.3589 has ended, bring retest of this level

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 30 16 11:25 GMT

As the single currency has remained under pressure after recent selloff from 1.5282 (this month's high), adding credence to our view that decline from 1.6106 is still in progress and bearishness remains for further fall to 1.4100, then towards previous support at 1.4034, however, reckon psychological level at 1.4000 would limit downside and

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 30 16 11:17 GMT

Aussie's rebound after finding support at 0.7311 earlier this month has retained our view that minor consolidation above this level would be seen and corrective bounce to 0.7540-45 (50% Fibonacci retracement of 0.7778-0.7311) cannot be ruled out, however, reckon upside would be limited to 0.7590-00 and bring another decline later.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 29 16 11:58 GMT

Although cable retreated after meeting resistance at 1.2532 yesterday, as sterling has recovered again after finding support at 1.2386, suggesting further consolidation within indicated range of 1.2302-1.2674 would take place this week (especially ahead of NFP) and recovery to said resistance cannot be ruled out, however, reckon upside would be limited to 1.2600 and price should falter well below said upper range at 1.2674, bring another retreat later.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 29 16 11:54 GMT

Sterling has maintained a firm undertone after recent strong rebound, adding credence to our view that low has been formed at 1.1475 earlier and mild upside bias remains for the corrective rise from there to bring retracement of recent decline, hence bullishness remains for further gain to 1.2700 and later towards 1.2800, however, reckon psychological resistance at 1.3000 would limit upside

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 28 16 11:33 GMT

As the single currency has recovered after falling to 1.0518 last week, suggesting minor consolidation above this level would be seen and initial upside risk is for corrective bounce to 1.0690-00, then 1.0745-50, however, reckon upside would be limited to 1.0815-20 (38.2% Fibonacci retracement of 1.1300-1.0518 and previous resistance) and bring another decline later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 28 16 11:26 GMT

Although the greenback surged to 113.90 last week, the subsequent retreat suggests minor consolidation would take place this week ahead of NFP, hence initial pullback to 111.00-10 is likely, however, reckon downside would be limited to 110.00 and renewed buying interest should emerge around 109.00-10, bring another rise later

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 25 16 11:42 GMT

The single currency has surged again this week after breaking indicated resistance at 118.47, adding credence to our view that wave C of larger degree wave 2 has possibly ended at 109.49 and upside bias remains for the rebound from there to extend further gain to 120.90-00 (50% Fibonacci retracement of 132.33-109.49), then towards

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 25 16 11:30 GMT

The greenback has eased after rising to 1.0192 yesterday, suggesting minor consolidation below this level would be seen and pullback to 1.0100, then 1.0065-70 cannot be ruled out, however, previous resistance at 0.9999 (now turned into support) should limit downside and bring another rise, above said resistance at 1.0192 would extend the rise from 0.9444 low to

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 24 16 11:44 GMT

The single currency has remained under pressure after recent anticipated decline, adding credence to our view that temporary top has been formed at 0.9576 as wave iii top and consolidation with mild downside bias remains for retracement of recent upmove in wave iv to 0.8450, then 0.8420, however, loss of near term downward momentum should prevent sharp fall below

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 24 16 11:26 GMT

As the greenback has maintained a firm undertone after rising to 1.3589 early last week, suggesting recent erratic rise from 1.2461 is still in progress and may extend gain to 1.3650-60, then 1.3700-10 but overbought condition should prevent sharp move beyond 1.3760-70 and price should falter below

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 23 16 11:29 GMT

The single currency recovered after marginal fall to 1.0686 last last week, suggesting minor consolidation above this level would be seen and corrective bounce to 1.0800 cannot be ruled out, however, reckon upside would be limited to 1.0832 resistance and bring another decline later, a break of said support at 1.0686 would extend the decline from 1.1001 towards

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 23 16 10:58 GMT

As aussie has recovered after falling to 0.7311 earlier this week, suggesting minor consolidation above this level would be seen and corrective bounce to 0.7485-90 (38.2% Fibonacci retracement of 0.7778-0.7311) cannot be ruled out, however, reckon upside would be limited to 0.7540-45 (50% Fibonacci retracement) and bring another decline later. Below 0.7365-70 would bring retest of

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