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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.


USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 24 14 09:57 GMT

Although the greenback edged higher after rebounding from this month's low of 1.0858 and near term upside risk remains for marginal gain from here, if our view that a top has been formed at 1.1279 is correct, upside should be limited to 1.1070 and bring another decline later, a break of said support at 1.0858 would add credence to this view, bring retracement of recent upmove to 1.0800

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 23 14 10:07 GMT

Despite rising to 1.6820 last week, as the British pound has retreated after faltering below previous resistance at 1.6823, suggesting further consolidation would be seen and pullback to 1.6650-60 cannot be ruled out, however, renewed buying interest should emerge there and bring another rise later, above said resistance at 1.6820-23 would extend recent upmove to previous resistance at 1.6879.

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 23 14 10:04 GMT

The British pound did find renewed buying interest at 169.50 as suggested (we recommended to buy sterling at 169.50 in our previous update made on 8 Apr), a long position was entered and our upside target at 172.50 had been met with 300 points profit, having said that, current anticipated rebound needs to penetrate key resistance at 173.55-65 to signal an upside break of recent choppy range

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 22 14 10:18 GMT

Although the greenback continued to edge higher after rebounding from 101.33, if our bearish view that top has been formed at 105.44 as wave V is correct, upside should be limited to 103.00-10 (61.8% Fibonacci retracement of 104.13-101.33) and bring another decline, break of 101.80-90 would signal rebound from 101.33 has ended, then another fall to this level would follow. Looking ahead, only a break of indicated strong support at 101.20-21 would retain bearishness

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 22 14 10:09 GMT

Although the single currency met renewed selling interest at 1.3865 last week and has slipped again, a daily close below 1.3760-65 (61.8% Fibonacci retracement of 1.3673-1.3906) is needed to suggest the rebound from 1.3673 has ended at 1.3906 and bring further weakness to 1.3700. Looking ahead, only below support at 1.3673 would signal early fall from 1.3967 top has resumed for test of previous support at 1.3643, break there is needed to provide confirmation that a temporary top has been formed at 1.3967

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 17 14 11:38 GMT

Although the single currency has remained under pressure and marginal weakness from here cannot be ruled out, as long as support at 0.8191 holds, prospect of another rebound remains, above said resistance at 0.8315 would bring test of key resistance at 0.8400 (last month's high), however, break there is needed to add credence to our view that a temporary low has been formed at 0.8158 

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 17 14 11:34 GMT

Although the greenback has rebounded after falling to 1.0858 last week, if our view that a top has been formed at 1.1279 is correct, upside should be limited to 1.1070 and bring another decline later, a break of said support at 1.0858 would add credence to this view, bring retracement of recent upmove to 1.0800, below there would suggest a medium term top is possibly formed and bring correction to 1.0740-45

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 16 14 09:37 GMT

Despite last week's rise to 0.9461, as aussie has retreated this week, suggesting consolidation below this level would be seen and pullback to 0.9290-00 is likely, however, reckon renewed buying interest would emerge around previous support at 0.9206 and bring another rise later. A break of said resistance would extend the rise from 0.8660 low for correction of recent decline to 0.9500 and possibly previous resistance at 0.9543

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 16 14 09:30 GMT

As the single currency has rebounded after holding above psychological level at 1.5000, suggesting consolidation above this level would be seen and recovery to 1.5275-80 and possibly 1.5350 would be seen, however, as top has been formed earlier at 1.5586, reckon upside would be limited to 1.5400-10 and price should falter well below 1.5500, bring another leg of corrective decline later this month.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 15 14 08:58 GMT

Despite rising to 1.6820 last week, as the British pound has retreated after faltering below previous resistance at 1.6823, suggesting further consolidation would be seen and pullback to 1.6650-60 cannot be ruled out, however, renewed buying interest should emerge there and bring another rise later, above said resistance at 1.6820-23 would extend recent upmove to previous resistance at 1.6879.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 15 14 08:45 GMT

Sterling's retreat after rising to 1.4829 earlier this month suggests consolidation would be seen, however, as early retreat from 1.5124 has ended at 1.4468, downside should be limited to 1.4600 and bring another rebound later, above said resistance at 1.4829 would suggest the retreat from 1.5124 has ended and consolidation with mild upside bias is seen for gain towards resistance at 1.4866, however, a daily close above this level is needed to add credence to this view

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 14 14 10:33 GMT

Last week's selloff has retained our bearish view that top has been formed at 105.44 as wave V and consolidation with downside bias remains for test of indicated strong support at 101.20-21, break there would confirm rebound from 100.76 has ended, bring retest of this support, break there would add credence to our view that the wave c of major correction from 105.44 has commenced for retracement of early upmove to psychological support at 100.00

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 14 14 10:20 GMT

Despite last week's stronger-than-expected rebound to 1.3906, the subsequent retreat suggest consolidation would be seen and pullback to 1.3770-80 cannot be ruled out, however, support at 1.3673 (this month's low) should remain intact and bring another rise later. A break of said resistance at 1.3906 would extend gain to recent high of 1.3967 but only break there would signal the rise from 1.12042 (2012 low) has resumed in wave (c) of larger degree wave 2 for gain towards psychological resistance at 1.4000.

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 11 14 10:02 GMT

Although the single currency has retreated after faltering below previous resistance at 143.79 and marginal weakness from here cannot be ruled out, outlook remains consolidative, reckon support at 139.96 would limit downside and bring another rebound towards said resistance. Having said that, break there is needed to retain bullishness and extend the rebound from 136.23 to 144.40-50, then an eventual retest of 145.69 (2013 high) later this month.

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 11 14 09:56 GMT

Despite early anticipated rise to 0.8953, the subsequent sharp retreat after faltering below psychological resistance at 0.9000 suggests the rebound from 0.8699 has ended there, hence consolidation with downside bias is seen for weakness towards said support, however, break there is needed to signal recent decline is still in progress as the wave c of larger degree wave B and extend the fall from 0.9972 top for a stronger correction of early major rise from 0.7068 to 0.8600 and then 0.8550

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 10 14 09:58 GMT

Although the single currency fell again after meeting renewed selling interest at 0.8315 last week and near term downside risk is for marginal weakness, as long as support at 0.8191 holds, prospect of another rebound remains, above said resistance at 0.8315 would bring test of key resistance at 0.8400 (last month's high), however, break there is needed to add credence to our view that a temporary low has been formed at 0.8158

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 10 14 09:54 GMT

As the greenback has continued to fall after breaking previous support at 1.0955, suggesting near term downside risk remains for the decline from 1.1279 top to bring retracement of recent upmove to 1.0845-50, then 1.0800, break of latter level would suggest a medium term top is possibly formed and bring correction to 1.0740-45 (61.8% Fibonacci retracement of 1.0415-1.1279)

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 09 14 10:11 GMT

Aussie has surged again after finding renewed buying interest at 0.9206, adding credence to our view that the rise from 0.8660 low is still in progress and may extend further gain to previous resistance at 0.9448 and possibly towards 0.9500, however, near term overbought condition should limit upside to another previous resistance at 0.9543

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 09 14 09:58 GMT

Despite last week's brief rise to 1.2250, as the single currency has retreated after faltering below previous resistance at 1.2261, suggesting consolidation would be seen, however, still reckon downside would be limited to 1.2171 minor support and bring another rebound later, above said resistance at 1.2261 would add credence to our view that low is possibly formed at 1.2104, bring test of resistance at 1.2297-00.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 08 14 11:01 GMT

Despite testing previous support at 1.6555 last week, the British pound found decent demand there again and has staged a strong rebound, dampening our bearishness and signals the correction from 1.6823 has ended at 1.6460 earlier, hence consolidation with upside bias is seen for further gain to resistance at 1.6786, break there would add credence to this view and bring resumption of recent upmove for retest of 1.6823, then towards previous resistance at 1.6879

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