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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/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 23 17 12:30 GMT

As the single currency has continued edging higher after recent rebound from 1.0340, adding credence to our view that a temporary low has been made at 1.0340 and consolidation with mild upside bias remains for retracement of recent decline, hence further gainĀ  to 1.0820 (50% Fibonacci retracement of 1.1300-1.0340) would be seen, 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 | Jan 23 17 12:03 GMT

Although the greenback staged a rebound to 115.62 last week, the subsequent retreat suggests near term downside risk remains and another test of last week's low at 112.57 cannot be ruled out, however, still reckon downside would be limited to 111.90-00 (38.2% Fibonacci retracement of 101.19-118.66) and bring rebound later, above 114.40-50 would suggest the retreat from 115.62 has ended, bring test of this level.

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 20 17 10:39 GMT

Although slipped last week and fell to as low as 120.54 earlier this week, the single currency found decent demand there and has staged a strong rebound, retaining our bullishness and consolidation with upside bias is seen for gain to 123.00, then towards 123.70-75. Having said that, a break of 124.10-19 resistance is needed to confirm the upmove from 109.49 low has resumed for headway to

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 20 17 10:32 GMT

The greenback met renewed selling interest at 1.0248 and dropped since last week, dampening our bullishness and suggesting a temporary top has been formed at 1.0344 last month, although dollar's recovery from 0.9996 suggests initial upside risk is for corrective bounce to 1.0135-40, upside should be limited to 1.0200 and said resistance at 1.0248 should remain intact, bring another decline later.

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 19 17 10:31 GMT

Although rising initially to 0.8857, the subsequent sharp retreat suggests top is possibly formed there and consolidation with downside bias is seen for weakness to 0.8580-85, then towards 0.8500-10, however, a sustained breach below support at 0.8450 is needed to signal the rebound from 0.8304 has ended at 0.8857 (tentatively wave b top), then further fall to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 19 17 10:26 GMT

Although the greenback fell marginally to 1.3019 earlier this week, lack of follow through selling and the subsequent strong rebound dampened our bearishness but still reckon upside would be limited to 1.3305-10 (50% Fibonacci retracement of 1.3597-1.3019) and bring another decline, below 1.3150-60 would bring weakness to 1.3050 but break of indicated support at 1.3006-15 is needed to

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 18 17 11:34 GMT

The single currency did meet renewed selling interest at 1.4366 late last month (we recommended in our previous update made on 14 Dec 2016 to sell at 1.4300 and a short position was entered) and has dropped in line with our bearish expectation, however, a break of recent low at 1.3820 is needed to signal recent decline from 1.6106 has resumed and extend weakness to

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 17 17 12:04 GMT

Cable met renewed selling interest at 1.2317 last week (we recommended to sell at 1.2250 and a short position was entered) and fell again from there in line with our bearish expectation, adding credence to our bearish view that the fall from 1.2775 is still in progress, our short position reached downside target at 1.2000 as sterling dropped to as low as 1.1986 yesterday. Having said that, lack of follow through selling on break of previous support at 1.1995 and

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 17 17 11:54 GMT

Sterling's retreat from 148.45 (last month's high) turned out to be deeper than expected, dampening our bullishness and suggesting the rise from 120.50 (wave v trough) has ended there, hence consolidation with downside bias is seen for the fall from 148.45 (tentatively wave a top) to bring correction of the rise from 120.50, hence further fall to 136.00 and then 135.00 would be seen, however, reckon downside would be limited to

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 16 17 10:31 GMT

The single currency found good support at 1.0454 last week and staged a stronger-than-expected rebound, suggesting a temporary low has possibly been formed at 1.0340 and near term upside risk remains for the rebound from there to bring retracement of recent decline to 1.0705-10 (38.2% Fibonacci retracement of 1.1300-1.0340), 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 | Jan 16 17 10:19 GMT

The greenback met renewed selling interest at 117.53 and slipped again from there since, dampening our bullishness and suggesting the corrective fall fro 118.66 temporary top is still in progress which may bring retracement of recent upmove to 113.50, then 112.85-90, however, reckon downside would be limited to

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 12 17 11:22 GMT

The single currency did stage the anticipated rebound, our long position entered at 0.8425 met indicated upside target at 0.8625, although the pair then retreated from 0.8669 to as low as 0.8450, as euro found renewed buying interest there and has rallied again, adding credence to our view that low has been formed at 0.8304, hence consolidation with upside bias is seen for this move to bring retracement of the decline from 0.9576 top and further gain to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 12 17 11:07 GMT

The greenback dropped quite sharply from 1.3589 and broke below previous support at 1.3081, suggesting the rebound from 1.2461 has possibly ended and downside risk is seen for further fall to 1.30006 support, a sustained breach below there would add credence to this view and extend weakness to 1.2950, then 1.2890-00, however, reckon downside would be limited to 1.2822 support and the pair should stay above another previous support at

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 11 17 09:58 GMT

Aussie found good support at 0.7158 last month and staged a strong rebound, suggesting initial upside risk remains for the bounce to bring retracement of the fall from 0.7778, then gain to 0.7465-70 (50% Fibonacci retracement of 0.7778-0.7158) cannot be ruled out, however, reckon upside would be limited to indicated resistance at 0.7525, bring another decline later. Below 0.7275-80 would suggest the rebound from 0.7158 has possibly ended and weakness to 0.7200 would follow

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 11 17 09:46 GMT

The single currency ran into renewed selling interest at 1.0899 last month and tumble again from there to 1.0678, reviving our previous bearish count and mild downside bias remains for the fall from 1.1001 to extend weakness to 1.0650, however, break of previous support at 1.0622 is needed to confirm erratic decline from 1.1201 (2016 high) has resumed and bring subsequent selloff to 1.0550 and possibly 1.0500 which is likely to hold

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 10 17 09:34 GMT

Cable has fallen after brief bounce to 1.2433 last week (once again missed our short entry at 1.2500) and the subsequent selloff adds credence to our view that the fall from 1.2775 is still in progress and test of support at 1.2082 would be seen, once this level is penetrated, this would signal rebound from 1.1995 has ended at 1.2775 and bring retest of recent low

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 10 17 09:27 GMT

Despite early rebound to 1.2662, sterling ran into renewed selling interest there and has dropped quite sharply from there, dampening our bullishness and suggesting the rebound from 1.1475 has possibly ended at 1.2915 late last month, hence consolidation with mild downside bias is seen for further fall to 1.2190-00, then 1.2100, however, a sustained breach below support at 1.1962 is needed to add credence to this view

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 09 17 13:52 GMT

Although the single currency rebounded quite strongly after marginal fall to 1.0340 and consolidation above this level would be seen initially, as long as resistance at 1.0654 holds, mild downside bias remains for another decline, below said support at 1.0340 would add credence to our view that medium term downtrend has resumed and extend weakness to

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 09 17 12:03 GMT

Although the single currency rebounded quite strongly after marginal fall to 1.0340 and consolidation above this level would be seen initially, as long as resistance at 1.0654 holds, mild downside bias remains for another decline, below said support at 1.0340 would add credence to our view that medium term downtrend has resumed and extend weakness to

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 09 17 11:58 GMT

The greenback only slipped to 115.07 before finding renewed buying interest (we recommended to buy at 114.80 and missed the entry), suggesting consolidation with upside bias would be seen and gain to 118.00 is likely, however, break of resistance at 118.61-66 is needed to confirm upmove has resumed and extend gain to

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