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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/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 30 15 09:12 GMT

Despite rising marginally to 195.85 last week, the subsequent retreat especially yesterday suggests consolidation below this level would be seen and pullback to 191.00, then 190.00 cannot be ruled out, however, reckon previous support at 189.00 would limit downside and 188.50-55 would attract renewed buying interest, bring another rise later in Q3. Above 195.00 would bring retest of said resistance at 195.85 but break there is needed to confirm medium term upmove has resumed for headway to 197.00, then 198.50

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 29 15 11:07 GMT

Although the greenback rebounded to 124.38 last week, as dollar met renewed selling interest there and has dropped again after faltering below previous resistance at 124.45, retaining our bearishness for the fall from 125.86 to bring retracement of recent upmove,  below previous resistance at 122.03 (now support) would add credence to this view, bring further weakness to 121.55 (61.8% Fibonacci retracement of 118.89-125.86), having said that, downside should be limited to support at 120.64

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 29 15 11:03 GMT

The single currency dropped after meeting strong resistance at 1.1436 (just faltered below previous resistance at 1.1467), dampening our bullishness and suggesting further choppy trading within 1.0819-1.1467 range would be seen, hence weakness to 1.0935-40, then 1.0900 cannot be ruled out, however, reckon said lower range at 1.0819 would contain downside and bring rebound later. Only a break of support at 1.0819 would signal the correction from 1.0462 low has ended at 1.1467 last month, bring weakness to 1.0700 first.

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 26 15 09:58 GMT

As the single currency has retreated again after faltering below resistance at 140.67, retaining our view that consolidation below recent high at 141.06 would be seen and near term downside risk remains for another corrective fall to 137.00-10 (50% Fibonacci retracement of 133.10-141.06) where renewed buying interest should emerge and bring another rise later. Above 140.63-67 would bring retest of said resistance at 141.06 but break there is needed to confirm the rise from 126.09 (wave A trough) has resumed for a stronger correction of the fall from 149.79 to 141.40-50

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 26 15 09:52 GMT

The single currency found support at 0.9151 last week and has rebounded, retaining our bullishness and consolidation with mild upside bias remains, above yesterday's high at 0.9416 would encourage for gain to 0.9445-50, then towards 0.9502 resistance but it is necessary to see a breach of this level would confirm another leg of rise from 0.9072 low is underway for test of 0.9543. Looking ahead, above there would add credence to our bullish view and extend the rebound from 0.9072 to 0.9595-00

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 25 15 10:45 GMT

The greenback found good support at 1.2128 and has staged a stronger-than-expected rebound, suggesting the retreat from 1.2563 has ended there and consolidation with upside bias is seen for gain to 1.2470-80, then towards said resistance at 1.2563 but break there is needed to retain bullishness and extend the rise from 1.1920 to 1.2600, then towards resistance at 1.2667 which is likely to limit upside

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 24 15 11:26 GMT

Although aussie met resistance at 0.7849 last week and has retreated again since, a break of 0.7646 support is needed to signal the rebound from 0.7598 has ended at 0.7849, bring retest of this level later, a drop below there would confirm early decline has resumed for weakness to 0.7500 and then 0.7440-50 but near term oversold condition should limit downside to 0.7390-00, bring rebound later.

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 24 15 11:17 GMT

Despite rebounding to 1.0534 last week, the single currency ran into renewed selling interest there and has retreated again, suggesting near term downside risk remains for the erratic fall from 1.0574 to bring weakness to 1.0375-80, however, if our view that low has been formed at 1.0235 is correct, downside should be limited to 1.0300-10 and bring rebound later. Above 1.0530-35 would bring another test of 1.0574 but break there is needed to bring retracement of early decline to 1.0600-05

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 23 15 10:21 GMT

As cable has eased after last week's rally to 1.5930, suggesting minor consolidation below this level would be seen and pullback to 1.5700 cannot be ruled out, however, reckon 1.5650 would contain correction, bring another rise later, above said resistance at 1.5930 would signal the rise from 1.4566 (wave I low) is still in progress for correction of early entire fall from 1.7192 (2014 high), then headway to psychological resistance at 1.6000 would be seen but reckon upside would be limited

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 23 15 10:15 GMT

The British pound has staged a strong rebound after finding decent demand at 1.4141 earlier this month, suggesting correction from 1.5195 has ended at 1.3817 last month and consolidation with upside bias remains, a daily close above resistance at 1.4711 would add credence to this view and encourage for further gain to 1.4800, then 1.4900 but reckon psychological resistance at 1.5000 would hold on first testing. Looking ahead, a sustained breach above 1.5000 would to revive bullishness

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 22 15 10:04 GMT

Despite last week's rebound to 124.45, the subsequent retreat suggests further consolidation below recent high of 125.86 would be seen and another test of support at 122.46 cannot be ruled out, however, break there is needed to bring retracement of recent upmove towards previous resistance at 122.03 (now support), then towards 121.55 (61.8% Fibonacci retracement of 118.89-125.86), having said that, downside should be limited to support at 120.64 and price should stay well above the psychological level at 120.00

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 22 15 09:58 GMT

The single currency continued to edge higher last week, however, break of previous resistance at 1.1467 is needed to signal the erratic rise from 1.0462 low is still in progress for retracement of early decline to 1.1515-20 (50% Fibonacci retracement of 1.2570-1.0462) and possibly test of previous resistance at 1.1534, however, reckon 1.1680 resistance would hold from here, bring another decline later. If said resistance continues to hold, then further consolidation would be seen and pullback to 1.1240-50, then 1.1150-60 cannot be ruled out

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 19 15 10:31 GMT

Despite this week's rebound to 140.67, as the single currency has retreated again from there, retaining our view that further consolidation below recent high of 141.06 would be seen and another corrective fall to 137.90-00 is likely, however, reckon downside would be limited to 137.00-10 (50% Fibonacci retracement of 133.10-141.06) and bring another rise later. Above 140.67 would bring retest of said resistance at 141.06

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 18 15 10:04 GMT

Although euro's retreat from 0.7389 has kept price under pressure and near term downside risk remains for weakness to 0.7140, reckon downside would be limited to 0.7100 and support at 0.7055 should contain downside, bring further choppy trading. Only a daily close below 0.7055 would signal early decline has resumed for a retest of previous support at 0.7014, break of this support would extend recent decline to 0.7000, then 0.6950

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 18 15 09:53 GMT

As the greenback has slipped again after meeting renewed selling interest at 1.2361 earlier this week, suggesting the rebound rom 1.1920 has possibly ended at 1.2563 and weakness to 1.2100, then 1.2050 would be seen, however, reckon psychological support at 1.2000 would limit downside, price should stay well above said support at 1.1920, bring recovery later. Looking ahead, only a drop below support at 1.1920 would retain bearishness and signal the fall from 1.2835 top has resumed

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 17 15 11:34 GMT

Although aussie has retreated again and weakness to 0.7598 cannot be ruled out, break there is needed to signal decline has resumed for retest of recent low at 0.7533, once this level is penetrated, this would extend early decline to 0.7500 and then 0.7440-50 but near term oversold condition should limit downside to 0.7390-00, bring rebound later. If said support continues to hold, then further consolidation is in store

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 17 15 11:28 GMT

Although the single currency has retreated after rising to 1.4163, as this move is viewed as retracement of recent rise, reckon downside would be limited to 1.3740-45 and bring another rise, above 1.4050-55 would bring test of said resistance at 1.4163, break there would extend the rise from 1.3025 low for retracement of recent decline towards 1.4300-10 (50% Fibonacci retracement of 1.5586-1.3025)

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 16 15 10:45 GMT

Cable's rebound from 1.5170 turned out to be stronger than expected, suggesting the retreat from 1.5815 has ended there and consolidation with mild upside bias is seen for gain to 1.5700 resistance but a daily close above there is needed to add credence to this view, bring retest of 1.5815 later. Once this level is penetrated, this would signal the erratic rise from 1.4566 low is still in progress for retracement of the entire fall from 1.7192 (2014 high)

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jun 16 15 10:28 GMT

The British pound found only eased to 189.00 (we recommended in our previous update to buy at 188.60) before finding renewed buying interest there and sterling has risen again, indicated upside target at 192.75 (1.236 times projection of 174.90-184.45 measuring from 180.95) had been met and bullishness remains for recent upmove to extend further gain in wave v to 194.00 and possibly towards 195.00, however, overbought condition should limit upside to 197.00

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

As dollar's retreat from 125.86 turned out to be stronger than expected, suggesting a minor top has been formed there and consolidation below this level is in store with mild downside bias, below last week's low at 122.46 would bring retracement of recent upmove to to 121.55 (61.8% Fibonacci retracement of 118.89-125.86) and possibly test of support at 120.64, however, reckon psychological level at 120.00 would contain downside and bring rebound later.

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