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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.


AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 01 15 11:00 GMT

Aussie's retreat from 0.7938 turned out to be much deeper than expected, dampening our near term bullishness and a retest of recent low at 0.7560 is underway, break there would signal recent decline has resumed and extend weakness to 0.7500, then towards 0.7400, however, oversold condition should limit downside to 0.7300 and reckon 0.7200-05 (76.4% retracement of 0.6007-1.1081) would hold

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 01 15 10:46 GMT

The single currency met renewed selling interest at 1.0701 last month and has fallen again in 2nd half of March, dampening our bullishness and suggesting the fall from 1.0812 is still in progress for retracement of early upmove, hence weakness to 1.0414 -16 (previous support and 38.2% Fibonacci retracement of 0.9776-1.0812) would be seen, a daily close below there would bring further fall towards 1.0290-00

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 31 15 10:03 GMT

The British pound has retreated after meeting resistance at 1.4994 last week, suggesting further consolidation would be seen, however, still reckon downside would be limited to 1.4720-25 and bring another rebound later, above 1.4900-05 would bring test of said resistance at 1.4994 but break there is needed to signal another leg of corrective rise from 1.4635 low is underway for gain to 1.5090-00 and later test of 1.5167 resistance which is likely to hold from here.

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 31 15 09:58 GMT

Sterling only recovered to 181.05 before meeting renewed selling interest there (we recommended in our previous update to sell at 181.40) and the pound has fallen again since, adding credence to our view that the rebound from 175.50 has ended at 185.00 and bearishness remains for weakness to 176.45-50, then towards previous support at 175.50. Looking ahead, a break of this level would signal another leg of decline from 189.70 top is underway for further fall to 174.00 and possibly towards 172.00

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 30 15 10:39 GMT

The greenback slipped after meeting renewed selling interest at 121.20 and dropped to as low as 118.33, however, dollar found good support there and has rebounded again, suggesting consolidation with mild upside bias would be seen and gain to 120.00-10 would be seen, however, break of said resistance at 121.20 is needed to signal the retreat from 122.03 has ended, bring further gain to 121.63, above there would bring retest of 122.03 later. Only break of 122.03 would signal the major upmove from 75.31 (2011 low) has resumed for gain to 122.50-60, then 123.20-25

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 30 15 10:30 GMT

Although the single currency has retreated after marginal rise to 1.1052 last week and consolidation with initial downside bias is seen for weakness to 1.0760-70, reckon downside would be limited to 1.0650-60 and bring another rebound later. A break of said resistance at 1.1052 would add credence to our view that low has possibly been formed at 1.0462, bring retracement of recent decline to 1.1190-00 and possibly towards 1.1265-70 (38.2% Fibonacci retracement of 1.2570-1.0462) but price should falter below 1.1450

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 27 15 10:48 GMT

Despite bouncing to 131.51 as suggested in our previous update, as the single currency has retreated again after faltering below indicated resistance at 131.73, suggesting further consolidation would be seen and weakness to 128.27-37 support cannot be ruled out, however, break there is needed to signal the rebound from 126.91 has ended at 131.73 and bring weakness to 127.50, then retest of this level, otherwise, further consolidation is in store. Below 126.91 would signal recent decline from 149.79 top has resumed and extend weakness to 125.90-00

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 27 15 10:40 GMT

Despite yesterday's fall to 0.9491, the subsequent rebound suggests consolidation above this level would be seen and gain to 0.9760-70 is likely, however, break of 0.9810-15 is needed to signal the retreat from 1.0129 has possibly ended, bring further gain to 0.9905 and later test of resistance at 0.9984. Looking ahead, only a daily close above 1.0000 would signal correction is over, bring resumption of upmove for retest of 1.0129 later, a break of 1.0129 would revive bullishness and signal the rise from 0.7401 has resumed for headway to 1.0190-00

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 26 15 11:00 GMT

Euro's rebound from 0.7014 turned out to be stronger than expected, suggesting the wave v of larger degree wave iii has ended there and consolidation above this level is seen with upside bias for retracement of recent decline in wave iv, hence gain to 0.7429 resistance would be seen, however, reckon upside would be limited to 0.7500-10 (50% Fibonacci retracement of 0.8007-0.7014) and price should falter well below resistance at 0.7592, bring retreat next month

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 26 15 10:52 GMT

The retreat from 1.2835 has kept price under near term pressure, adding credence to our view that temporary top has possibly been formed there and consolidation below this level would be seen with mild downside bias for test of 1.2350-52 (38.2% Fibonacci retracement of 1.1565-1.2835 and previous support), however, break there is needed to provide confirmation, bring retracement of recent upmove to 1.2300, then towards 1.2250

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 25 15 10:35 GMT

Aussie found good support at 0.7612 and has rebounded again, suggesting a temporary low has possibly been formed at 0.7560 earlier this month and consolidation with mild uside bias is seen for gain to 0.7935-40, then towards psychological resistance at 0.8000, however, a daily close above latter level is needed to add credence to this view, bring correction of recent fall to 0.8100 and later towards 0.8200.

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 25 15 09:58 GMT

The single currency rebounded after falling to 1.3387 suggests a temporary low has possibly been formed there and consolidation with mild upside bias is seen for previous support at 1.3754, above there would bring a stronger rebound to 1.3900 and possibly towards 1.4000, however, a daily close above this psychological level is needed to add credence to this view, bring retracement of recent decline to 1.4090-00

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 24 15 10:22 GMT

Despite falling briefly to 1.4635, cable staged a stronger-than-expected rebound from there to 1.5167, suggesting a temporary low has possibly been formed there and consolidation above 1.4635 would be seen with mild upside bias for test of 1.5010, then towards said resistance at 1.5167 but a daily close above there is needed to add credence to this view, bring retracement of recent decline to 1.5200-05 (61.8% Fibonacci retracement of 1.5552-1.4635) but reckon upside would be limited to 1.5300 and 1.5345-50 should hold, bring retreat later.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 24 15 10:10 GMT

Sterling's stronger-than-expected retreat from 1.5195 suggests recent rise has formed a temporary top there and consolidation with downside bias is seen for correction of recent upmove to 1.4280 (38.2% Fibonacci retracement of 1.2801-1.5195), then towards 1.4100, however, reckon downside would be limited to 1.3990-00 (50% Fibonacci retracement and psychological support), price should stay well above 1.3710-20 (61.8% Fibonacci retracement) and bring rebound later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 23 15 09:59 GMT

Dollar's retreat from 122.03 turned out to be stronger than expected, suggesting consolidation below this level is in store, break of last week's low at 119.30 would bring retracement to 118.60-65, however, only break of 118.20-25 would suggest a temporary top has been formed, bring further weakness to 117.15-20, then towards 116.75-80 which is likely to hold on first testing.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 23 15 09:52 GMT

Last week's strong rebound suggests a temporary low has possibly been formed at 1.0462 and consolidation with mild upside bias is seen for another test of last week's high at 1.1046, however, a sustained breach above there is needed to add credence to this view, bring retracement of recent decline to 1.1190-00 and possibly towards 1.1265-70 (38.2% Fibonacci retracement of 1.2570-1.0462) but reckon upside would be limited to 1.1450 and reckon 1.1516-34 area (50% Fibonacci retracement and previous resistance) would put a lid on euro

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 20 15 10:20 GMT

Despite last week's fall to 126.91, the subsequent stronger-than-expected rebound to 131.73 suggests a temporary low has possibly been formed there and consolidation above this level is in store, however, a daily close above said resistance at 131.73 is needed to add credence to this view, bring retracement of recent decline to 132.95-00 (61.8% Fibonacci retracement of 136.69-126.91), having said that, reckon upside would be limited to previous support at 133.55

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 20 15 10:13 GMT

This week's sharp retreat to 0.9629 suggests a minor top has been formed earlier at 1.0129 and consolidation below this level would be seen, below 0.9770 would bring another test of said support at 0.9629, break there would add credence to this view, bring retracement of recent upmove to 0.9550-60 and then 0.9505-10 (38.2% Fibonacci retracement of 0.8501-1.0129), however, downside should be limited to support at 0.9450 and price should stay above 0.9315

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 19 15 10:45 GMT

The single currency finally rebounded after early selloff to 0.7014 and consolidation above this level is in store, however, as long as resistance at 0.7293 (yesterday's high), bearishness remains for weakness to 0.7090-00, then retest of said support, only break there would confirm medium term downtrend has resumed and extend weakness to 0.7000 and then 0.6950. Having said that, loss of downward momentum should limit downside to 0.6900

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 19 15 10:38 GMT

Despite rising marginally to 1.2835 yesterday, the subsequent retreat suggests consolidation below this level would be seen and test of yesterday's low at 1.2449 cannot be ruled out, however, break of 1.2350-52 (38.2% Fibonacci retracement of 1.1565-1.2835 and previous support) is needed to signal top has been formed, bring retracement of recent upmove to 1.2300, then towards 1.2250 but downside should be limited to 1.2200

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