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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.


EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 19 14 10:57 GMT

Although the single currency surged to as high as 141.23 today, the quick retreat from there suggests consolidation below this level would be seen and pullback to 139.15-20 (38.2% Fibonacci retracement o 135.82-141.23) cannot be ruled out, however, reckon 138.45-50 would limit downside and bring another rise later, a break of said resistance would extend recent rise from 135.73 towards 141.85-90

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 19 14 10:50 GMT

As the greenback has risen again this week, adding credence to our view that the rise from 0.8699 low is still in progress and upside bias remains for this move to bring at least a strong retracement of early decline, indicated initial upside target at 0.9400-05 (61.8% Fibonacci retracement of 0.9839-0.8699) had been met and further gain to previous resistance at 0.9456, then 0.9500 would be seen

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 18 14 10:34 GMT

Failure to extend early rebound and the subsequent stronger-than-expected retreat from 0.8066 suggests recent decline has resumed and retest of 0.7874 support is likely, however, break there is needed to confirm this view and extend weakness to 0.7850 and possibly towards 0.7800-10, having said that, as this move is viewed as a minor wave v of recent selloff, reckon downside would be limited to key support at 0.7756, price should stay above  0.7700-10

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 18 14 10:28 GMT

Although the greenback has retreated after rising to 1.1099 earlier this week and initial consolidation below this level cannot be ruled out, reckon downside would be limited to 1.0920-30 and bring another rise later, above said resistance would extend the upmvoe from 1.0621 low (formed back in July) for further gain to 1.1190-00. Looking ahead, a break of said resistance at 1.1279 would indicate upmove from 0.9407 has resumed in wave v for headway to 1.1300 and possibly towards 1.1385-90

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 17 14 10:29 GMT

As the Australian dollar has rebounded after falling to 0.8984 earlier this week, suggesting minor consolidation would be seen and recovery to 0.9140-45 (38.2% Fibonacci retracement of 0.9402-0.8984) is likely, however, reckon 0.9190-95 (50% Fibonacci retracement) would limit upside and bring another decline later. A break of said support at 0.8984 would extend the decline from 0.9505 top to 0.8920-25, then towards previous support at 0.8890

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 17 14 10:12 GMT

Although the single currency rebounded after falling to 1.4037 earlier this month, as euro met resistance at 1.4388 and has retreated again, suggesting downside risk remains and below 1.4115-20 would bring retest of said support at 1.4037, once this support is penetrated, this would signal recent decline from 1.5586 top is still in progress and bring retracement of early upmove to 1.3950-60

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 16 14 10:03 GMT

The British pound recovered after opening lower last week, however, cable met resistance at 1.6279 and has retreated, retaining our bearishness for recent decline to resume after consolidation, break of support at 1.6052 would extend the fall from 1.7192 top (formed back in July) for at least a strong retracement of early upmove to 1.6000-05 (50% Fibonacci retracement of 1.4814-1.7192), break there would encourage for weakness to 1.5900-10

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 16 14 09:58 GMT

Despite dropping to 169.35 (we recommended in our previous update made on 2nd Sep to buy at 170.00 with stop below 169.00 for 172.50), the British pound found good support there and has staged the anticipated rebound since, indicated target at 172.50 was met (with 250 points profit), however, price faltered below previous resistance at 175.35 and has retreated from 174.65, suggesting further consolidation would be seen and pullback to 172.70-80 cannot be ruled out

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 15 14 11:04 GMT

The greenback has continued to head north after breaking indicated previous resistance at 105.44, adding credence to our bullish view that medium term upmove from 75.31 has resumed in wave v and indicated upside targets at 106.00 and 107.00-05 (50% projection of 77.14-103.74 measuring from 93.75) had been met and bullishness remains for further gain to 108.00 and possibly towards 109.00-10

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 15 14 10:57 GMT

The single currency remained under pressure after recent selloff, reinforcing our bearish count that top has been formed at 1.3993 earlier in May and the decline from there could well be the beginning of wave 3, indicated target at 1.2900-10 (1.618 times projection of 1.3993-1.3503 measuring from 1.3700) had been met and further weakness to previous support at 1.2745-55 would be seen, break there would extend fall towards 1.2650 and possibly 1.2590-00

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 12 14 11:41 GMT

Despite last week's late fall to 135.82, the subsequent strong rebound after holding above previous support at 135.73 and current breach of previous resistance at 138.28 suggest low has been formed at 135.73 earlier and consolidation with mild upside bias is seen for at least a retracement of recent decline towards previous resistance at 139.28, however, reckon resistance at 140.09 would cap upside and bring decline later.

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 12 14 11:30 GMT

As the greenback has maintained a firm undertone after recent rally, adding credence to our view that the rise from 0.8699 low is still in progress and upside bias remains for this move to bring at least a strong retracement of early decline to 0.9400-05 (61.8% Fibonacci retracement of 0.9839-0.8699) and possibly test of previous resistance at 0.9456, however, near term overbought condition should prevent sharp move beyond psychological level at 0.9500

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 11 14 10:31 GMT

Although the single currency opened higher this week and broke above previous resistance at 0.8036 (last month's high), lack of follow through buying and this week's retreat form 0.8066 suggest further consolidation would be seen but as long as support at 0.7892 holds, prospect of another rebound remains, above said resistance at 0.8066 would add credence to our view that a temporary low has been formed at 0.7874 in July, bring retracement of recent decline to 0.8100.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 11 14 10:17 GMT

The greenback held above last month's low at 1.0811 and found renewed buying interest at 1.0821, the subsequent rally above resistance at 1.0998 adds credence to our view that low has been formed at 1.0621 earlier in July and bullishness remains for the rise from there to bring further gain to 1.1053 resistance but a daily close above there is needed to reinforce our view that the fall from 1.1279 has ended at 1.0621 and bring headway to 1.1190-00.

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 10 14 10:27 GMT

The Australian dollar only recovered to 0.9402 last week before dropping again (we recommended in our previous update to sell aussie at 0.9430 and missed our short entry), the subsequent break below support at 0.9239 add credence to our view that top has been formed at 0.9505 and the decline from there shall bring retracement of recent upmove, indicated downside target at 0.9203 and 0.9135-40 were met, bearishness remains for weakness to 0.9100 and later towards 0.9045-50

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

Although the single currency recovered after falling to 1.2045 last week, reckon 1.2115-20 would limit upside and bring another decline to 1.2030, however, as broad outlook is still consolidative, reckon downside would be limited and price should stay well above SNB's minimum rate at 1.2000, the pair may stage another rebound from there later this month or in early Q4.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 09 14 10:38 GMT

The British pound tumbled last week and opened lower this week, adding credence to our bearish view that top has been formed at 1.7192 back in July and downside bias remains for this reversal to bring at least a strong retracement of early upmove to 1.6000-05 (50% Fibonacci retracement of 1.4814-1.7192), break there would extend weakness to 1.5900-10, however, near term oversold condition should limit downside to previous support at 1.5854 and price should stay well above 1.5720-25

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 09 14 10:21 GMT

After scoring 200 points in our previous recommendation, we sold sterling again at 1.5250 (we recommended in our previous update made on 26 Aug to sell at 1.5250 and a short position was entered on 1 Sep), the pound met renewed selling interest at 1.5287 and has fallen again this month, our short position entered at 1.5250 met target at 1.5050 as sterling fell to as low as 1.5007 yesterday. This anticipated retreat adds credence to our view that top has been formed at 1.5433 earlier in July

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 08 14 11:25 GMT

The greenback surged again last week and finally broke above indicated previous resistance at 105.44, confirming our view that medium term upmove from 75.31 has resumed and headway to 106.00, then towards 107.00-05 (50% projection of 77.14-103.74 measuring from 93.75) would be seen but reckon upside would be limited to 108.00 and reckon 109.00 would hold from here, price should falter well below 110.15-20

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 08 14 11:18 GMT

The single currency tumbled last week as ECB cut interest rates, psychological support at 1.3000 was penetrated, adding credence to our bearish count that top has been formed at 1.3993 and the decline from there could well be the beginning of wave 3 and further weakness to 1.2900-10 (1.618 times projection of 1.3993-1.3503 measuring from 1.3700) and then 1.2800-10 would be seen, however, near term oversold condition should limit downside to previous support at 1.2745-55

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