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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 | Jul 29 16 11:06 GMT

As the single currency ran into strong resistance at 118.47 and has retreated sharply, suggesting top has possibly been formed there and consolidation with mild downside bias is seen for weakness to 113.90, then 113.20-30, however, break of 112.60-65 is needed to signal the rebound from 109.49 low has ended and bring subsequent decline to 111.90-00 but support at 110.82 should remain intact.

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 29 16 11:01 GMT

Despite this week's initial rise to 0.9951, as the greenback faltered below previous resistance at 0.9956 and has retreated sharply, suggesting top has been formed at 0.9951 and consolidation with downside bias is seen for weakness to 0.9700, however, a daily close below indicated previous support at 0.9685 is needed to add credence to this view and signal the rebound from 0.9521 has ended at 0.9951, bring further fall to

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 28 16 13:33 GMT

Although the single currency retreated to 0.8251 earlier this month, as euro found support there and has rebounded, suggesting further consolidation would be seen and recovery to 0.8500-10 cannot be ruled out, however, a daily close above 0.8520 is needed to signal the pullback from 0.8628 has ended, bring further gain to 0.8590-00, then retest of 0.8628.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 28 16 11:48 GMT

As the greenback found renewed buying interest at 1.2861 and has risen again , suggesting the erratic rise from 1.2461 low is still in progress and near term upside risk remains for this move to bring retracement of recent selloff, above 1.3254 (this week's high) would extend gain to 1.3300-10 and then 1.3390-00 but reckon 1.3420-25 (61.8% Fibonacci retracement of 1.4017-1.2461) would limit upside and price should falter below

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 27 16 12:08 GMT

Although the single currency slipped to as low as 1.0817 earlier this week, euro found renewed buying interest there and has rebounded, retaining our bullishness and above resistance at 1.0949 would extend the rebound from 1.0622 low towards previous resistance at 1.1018, however, a daily close above this level is needed to confirm low has been formed at 1.0622 last month and suggest the erratic fall from 1.1201 top has ended

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 27 16 11:40 GMT

Aussie's retreat from 0.7676 suggests top has possibly been formed there and consolidation with downside bias is seen for weakness to 0.7405-10, below there would add credence to this view and extend fall to 0.7370, however, break there is needed to signal the rebound from 0.7306 has ended, bring another test of this level, a daily close below 0.7285 support would provide confirmation, bring further fall to

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 26 16 12:16 GMT

Although cable slipped again after meeting resistance at 1.3291 late last week and further consolidation would be seen, as long as 1.3155-58 holds, mild upside bias remains for a rebound, above said resistance would signal another leg of corrective rise from 1.2795 low is underway and extend gain to 1.3315. A daily close above there would bring another test of 1.3481, break there would add credence to this view, bring retracement of recent decline to

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 26 16 11:55 GMT

Sterling only recovered to 1.3208 before meeting resistance there and price has retreated, suggesting further consolidation would be seen, however, as temporary low has been formed at 1.2513 earlier this month, reckon downside would be limited to 1.2870-75 and bring another rebound. Above 1.3100-10 would bring test of said resistance at 1.3208 but break of latter level is needed to add credence to this view and extend the rebound from 1.2513 for retracement of recent decline to

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 25 16 12:06 GMT

The single currency has remained under pressure after breaking support at 1.0971, suggesting the rebound from 1.0912 has possibly ended at 1.1187 earlier this month and a retest of said support at 1.0912 is likely, break there would extend the fall from 1.1616 in wave d to 1.0900, then towards support at 1.0822, having said that, only a daily close below latter level would provide confirmation, then this wave d may extend further decline to

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 25 16 11:59 GMT

The greenback finally retreated after rising to 107.49 last week, suggesting initial consolidation below this level would be seen and pullback to 105.40-45 and possibly 105.00 cannot be ruled out, however, reckon support at 103.91 would limit downside and bring another rebound later. Above said resistance at 107.49 would extend gain to 107.65-70 (38.2% Fibonacci retracement of 121.69-99.01) and later towards 108.50 but

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 22 16 10:56 GMT

Despite yesterday's marginal rise to 118.47, lack of follow through buying on break of previous resistance at 118.40 and the subsequent retreat suggest consolidation would be seen and weakness to 116.00-10 cannot be ruled out, however, a drop below 105.50 support is needed to signal top is formed, bring further fall to 114.90-00, then towards 114.00 but

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 22 16 10:47 GMT

Although the greenback edged higher to 0.9907 yesterday and marginal gain from here cannot be ruled out, as broad outlook remains consolidative, reckon upside would be limited to 0.9956 and 0.9990-00 (61.8% Fibonacci retracement of 1.0328-0.9444 and psychological resistance) should hold from here, price should falter below previous resistance at 1.0093.

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 21 16 11:34 GMT

The single currency has remained confined within familiar range, retaining our view that further consolidation would be seen and another bounce to 1.4535-40 cannot be ruled out, however, break of resistance at 1.4635-40 is needed to revive near term bullishness and suggest the fall from 1.4825 has ended, bring further gain to 1.4730-35 and then towards 1.4800 but said resistance at 1.4825 should remain intact.

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 21 16 11:31 GMT

Although aussie surged and broke above previous resistance at 0.7649 last week, lack of follow through buying and the subsequent sharp retreat suggest top has possibly been formed there, however, break of support at 0.7408 is needed to add credence to this view and revive near term bearishness, bring weakness to 0.7370-75. Having said that, break there is needed to signal the rebound from 0.7306 has ended

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 20 16 12:22 GMT

Although cable retreated after meeting resistance at 1.3481 last week, as temporary low has possibly been made at 1.2795 earlier, reckon downside would be limited to 1.3060-65 and bring another rebound, above 1.3315 would bring another test of 1.3481, break there would add credence to this view, bring retracement of recent decline to resistance at 1.3534 but

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 20 16 12:04 GMT

Sterling's rebound from 128.80 turned out to be stronger than expected and rose to as high as 143.20, suggesting a temporary low has possibly been formed there and consolidation with mild upside bias is seen for retracement of recent decline, above said resistance at 143.20 would add credence to this view, bring a stronger rebound to

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 19 16 10:13 GMT

The single currency has retreated again after meeting resistance at 1.1165 (last week's high), retaining our view that further consolidation below resistance at 1.1187 would be seen and test of 1.1002 support cannot be ruled out, however, break of 1.0970-75 is needed to signal the rebound from 1.0912 has ended at 1.1187, bring retest of 1.0912, break there would extend the fall from 1.1616 in wave d to 1.0900, then towards

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 19 16 10:06 GMT

The greenback has continued edging higher after staging a strong rebound from 100.00, retaining our view that a temporary low has been formed at 99.01 last month and further choppy trading above this recent low would be seen with mild upside bias for retracement of recent decline, hence further gain to resistance at 106.84 is likely, however, a daily close above there is needed to add credence to this view, bring a stronger rebound to

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 15 16 11:16 GMT

The single currency found decent demand at 110.82 and has staged a much stronger-than-expected rebound from there, suggesting temporary low has been formed at 109.49, hence consolidation with mild upside bias is seen for retracement of recent decline to 119.00, then 119.50-60, however, reckon upside would be limited to 120.00 and 120.90-00 (50% Fibonacci retracement of 132.33-109.49) should hold, price should falter well below

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 15 16 11:08 GMT

Although the greenback rose to 0.9901 earlier this week, current retreat suggests consolidation below this level would be seen and initial downside risk is seen for weakness to 0.9740, however, reckon support at 0.9685 would limit downside and bring another rise later. Above 0.9901 would extend the rebound from 0.9521 to 0.9956, then

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