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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.

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  • The weekly analysis section provides wave counts and forecasts from the bigger picture.


EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 26 16 10:23 GMT

As the single currency has remained under pressure after recent anticipated decline, adding credence to our view that top has been formed at 0.8117 last month and bearishness remains for the fall from there to bring retracement of recent upmove to 0.7550 (50% Fibonacci retracement of 0.6983-0.8117), then test of previous support at 0.7526, however, downside should be limited to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 26 16 10:15 GMT

As the greenback has retreated after rising to 1.3188 earlier this week, suggesting initial downside risk is seen for weakness to 1.2900, then test of support at 1.2837, however, if our view that a temporary low formed at 1.2461 is correct, downside should be limited to support at 1.2771 and bring another rebound later. Above said resistance at 1.3188 would extend the rebound from 1.2461 low for retracement of recent decline to

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 25 16 10:18 GMT

As euro has retreated after meeting resistance at 1.4781 yesterday and further consolidation below resistance at 1.4825, hence weakness to 1.4540-45 cannot be ruled out, however, reckon downside would be limited to 1.4450 and renewed buying interest should emerge around 1.4400-10 and bring another rebound later. A break of said resistance at 1.4825 would signal another leg of corrective rise from 1.4181 low is underway

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 25 16 10:10 GMT

Aussie has fallen again after brief recovery, suggesting the decline from 0.7835 is still in progress and may extend weakness to 0.7108 support, however, loss of near term downward momentum should prevent sharp fall below 0.7065 (76.4% retracement of 0.6827-0.7835) and reckon psychological support at 0.7000 would hold

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 24 16 11:50 GMT

Cable only eased back to 1.4403 (just missed our recommended long entry at 1.4400) and sterling did rally from there to as high as 1.4664, suggesting the pullback from 1.4770 has ended at 1.4332 and consolidation with mild upside bias remains for another test of last week's high at 1.4664, a daily close above there would bring further gain to 1.4700, then towards

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 24 16 11:35 GMT

Sterling did find renewed buying interest at 155.70 (we recommended in our previous update made on 10 May to buy at 155.80 and a long position was entered) and staged the anticipated rebound, our upside target at 159.80 was met last week with 400 points profit, adding credence to our view that early retreat from 162.80 has ended at 153.65, although price has retreated from 161.60, reckon downside would be limited to 158.00 and bring another rise later.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 23 16 11:10 GMT

As the single currency has fallen again after meeting renewed selling interest at 1.1349 last week and broke below previous support at 1.1215, adding credence to our view that top has been formed at 1.1616 and bearishness remains for the fall from there to bring retracement of recent rise to 1.1144 support and possibly towards

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 23 16 11:05 GMT

Although the greenback edged higher to 110.59, current retreat suggests a week of consolidation below this level would be seen and pullback to 108.70-75 is likely, reckon downside would be limited to 108.23 support and renewed buying interest should emerge around 107.60-70, bring another rebound later. Above said resistance at 110.59 would extend the rebound from 105.55 low for retracement of recent decline to

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 20 16 11:22 GMT

The single currency traded narrowly and further sideways trading is in store, however, as 122.62 contained euro's retreat from 124.65, suggesting upside risk is for another bounce to this level, break there would extend the rebound from 121.48 low for retracement of recent decline towards 125.60-65 (38.2% Fibonacci retracement of 132.33-121.48) but reckon resistance at 126. 47 would limit upside

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 20 16 10:57 GMT

Although the greenback retreated after meeting resistance at 0.9767, renewed buying interest emerged at 0.9663 and dollar has surged again since, suggesting low has indeed been formed at 0.9444 and upside risk is seen for this move to extend further gain towards 0.9990-1.0000 (61.8% Fibonacci retracement of 1.0328-0.9444 and psychological level).

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 19 16 10:58 GMT

The single currency has finally dropped in line with our bearish expectations (our short position entered at 0.7880 met our downside target at 0.7700 with 180 points profit), this anticipated breach of support at 0.7735 adds credence to our view that top has been formed at 0.8117 and downside bias remains for the fall from there to bring retracement of recent upmove to 0.7600, then towards

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 19 16 10:47 GMT

The greenback found renewed buying interest at 1.2837 late last week and has risen again, adding credence to our view that low has been formed at 1.2461 earlier this month and consolidation with upside bias remains for retracement of recent decline to 1.3235-40 (50 Fibonacci retracement of 1.4017-1.2461), then resistance at 1.3296, however, reckon upside would be limited to

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 18 16 10:41 GMT

Although the single currency has rebounded again after finding support at 1.1013 and near term upside risk remains for the rebound from 1.0843 (March low) to extend marginal gain from here, as broad outlook is consolidative, reckon upside would be limited to 1.1130-40 and bring retreat later. Below said support at 1.1013 would bring weakness to 1.0955 support but break there is needed to signal the rebound from 1.0843 has ended

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 18 16 10:24 GMT

As aussie has remained under pressure after recent selloff, adding credence to our view that a temporary top has been formed at 0.7835 last month and bearishness remains for the fall from there to extend weakness to 0.7215-20 (61.8% Fibonacci retracement of 0.6827-0.7835), however, near term oversold condition should limit downside to 0.7150 and reckon previous support at 0.7108 would hold

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 17 16 11:39 GMT

As cable has staged a rebound after falling to 1.4332 yesterday, suggesting consolidation above this level would be seen in this week and mild upside bias is seen for recovery to 1.4550-55 (50% Fibonacci retracement of 1.4770-1.4332), then towards 1.4600-05 (61.8% Fibonacci retracement), however, upside should be limited to 1.4690-00 and price should falter well below resistance at 1.4770, bring another decline later.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 17 16 11:30 GMT

Sterling only eased to 1.3818 before staging another rebound (we recommended in our previous update to buy at 1.3725), adding credence to our view that a temporary low has possibly been formed at 1.3415 last month and retest of resistance at 1.4215 would be seen, break there would extend the rebound from 1.3415 low to previous resistance at 1.4285. Once this level is penetrated, this would add credence to our near term bullish count, bring retracement of recent decline to

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

Although the single currency has retreated quite sharply after early brief rise to 1.1616, suggesting top has possibly been formed there and consolidation below this level would be seen with mild downside bias for weakness to 1.1250, however, break of support at 1.1215 is needed to add credence to this view, bring retracement of recent rise to 1.1144 support and possibly towards

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

Dollar's rebound after early selloff to 105.55 adds credence to our view that a temporary low has possibly been formed there and 1-2 weeks of consolidation above this level would be seen with mild upside bias for rebound to 109.55-60, then 110.00, however, reckon upside would be limited to 110.50-60 and price should falter well below

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 12 16 11:22 GMT

The single currency traded narrowly and further sideways trading is in store, however, if our view that top has been formed at 0.8117 earlier is correct, upside should be limited and 0.7947-50 would hold, bring retreat later, below 0.7800 would suggest the rebound from 0.7735 has ended and bring another test of this level, break there would add credence to this view, bring retracement of recent upmove to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 12 16 11:18 GMT

The greenback staged a strong rebound after falling to 1.2461 last week, suggesting a temporary low has been formed there and 1-2 weeks of consolidation above this level would be seen and another bounce to 1.3015 (this week's high) is likely, break there would bring retracement of recent decline to 1.3055 (38.2% Fibonacci retracement of 1.4017-1.2461), however, reckon upside would be limited to 1.3100-10 and resistance at 1.3219 should hold

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