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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 | Oct 31 14 10:06 GMT

The single currency has rallied after brief pullback, adding credence to our view that low has been formed at 134.14 earlier this month and bullishness remains for the rebound from there to bring test of previous resistance at 141.23, break there would indicate the fall from 145.69 top has ended at 134.14 (with A-B-C) and would bring further gain to 142.40-50, break there would confirm and bring further headway to 143.00-10, then towards strong resistance area at 143.48-79 later

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 31 14 09:57 GMT

The greenback found renewed buying interest at 0.9442 and has rebounded again, adding credence to our bullish view (our long position entered at 0.9400 met target at 0.9600 with 200 points profit) that correction from 0.9690 has ended at 0.9360 and upside bias remains for recent upmove to resume after consolidation, above said resistance at 0.9690 would extend the upmove from 0.8699 (wave c as well as larger degree wave B trough) to previous chart resistance at 0.9752

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 30 14 10:40 GMT

As the retreat from 0.8047 has kept euro under pressure, suggesting initial downside risk remains for weakness to 0.7850, however, if our view that low has possibly been formed at 0.7766 is correct, downside should be limited to 0.7820-25 and bring another rebound later, above 0.7950 would bring rebound to 0.8000 but only break of indicated resistance area at 0.8047-66 would provide confirmation that low is in place, 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 | Oct 30 14 10:36 GMT

As the greenback has retreated after rising to 1.1386, suggesting consolidation below this level would be seen and pullback to 1.1100 is likely, however, reckon 1.1060-70 would limit downside and bring another rise later, above said resistance at 1.1386 would signal the rise from 0.9407 low (back in 2011) is still in progress as a-b-c and current wave c should extend further gain towards 1.1440-50, then 1.1500

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 29 14 11:21 GMT

The single currency met renewed selling interest at 1.2140 earlier this month and dropped again from there, retaining our view that near term downside risk remains for recent decline to bring another test of 1.2045 support, break there would extend one more fall towards 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

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 29 14 11:15 GMT

As aussie has rebounded again after finding support at 0.8719 last week, retaining our view that further consolidation above recent low at 0.8643 would be seen and another corrective bounce to 0.8930-40 (38.2% Fibonacci retracement of 0.9402-0.8643) cannot be ruled out but renewed selling interest should emerge there, bring another decline later, a break of 0.8719 would bring retest of said support at 0.8643

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 28 14 10:07 GMT

The British pound did find renewed buying interest at 1.5995 last week (we recommended to buy at 1.6030 in our previous update and a long position was entered), retaining our bullishness for another rebound to resistance at 1.6227, however, a daily close above there is needed to signal low has possibly been formed at 1.5875 earlier this month, bring a stronger rebound to 1.6300, break there would add credence to this view and further gain to 1.6390-00 would follow.

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 28 14 09:59 GMT

Although sterling's rebound from 168.05 turned out to be stronger than expected and near term upside risk is seen for further gain to 175.30-40, if our view that top has been formed at 180.70 is correct, upside should be limited to 176.60-70 (previous support turned resistance) and bring another decline later. Below 172.00 would bring test of 171.00-10, however, break of latter level is needed to signal the rebound from 168.05 has ended and bring another fall this support.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 27 14 10:31 GMT

The greenback found renewed buying interest at 106.25 last week and staged the anticipated rebound, our long position entered at 106.10 met indicated target at 108.10 last week as the pair rose to as high as 108.38, we are keeping our view that retreat from 110.09 has possibly ended at 105.20 and consolidation with upside bias remains for gain to resistance at 108.74, break there would add credence to this view and encourage for headway to 109.40-50.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 27 14 10:20 GMT

Although the single currency retreated after meeting resistance at 1.2887 earlier this month, break of 1.2600-05 is needed to signal rebound from 1.2501 has ended and bring retest of this level, once this support is penetrated, this would signal the decline from 1.3993 top (May) has resumed and this wave 3 should extend further weakness to 1.2450, however, oversold condition should limit downside to 1.2415-20

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 24 14 10:34 GMT

Despite resuming recent fall to as low as 134.14 last week, the subsequent quick rebound suggest low has possibly been formed there and consolidation with mild upside bias is seen for test of resistance at 137.94, however, a daily close above there is needed to add credence to this view and bring a stronger rebound to 138.50-55 (61.8% Fibonacci retracement of 141.23-134.14), then towards 139.20-30. Looking ahead, a daily close above there would suggest recent decline has ended

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 24 14 10:27 GMT

Although the greenback slipped last week to 0.9360 (we recommended to buy dollar at 0.9400), the pair did find renewed buying interest there and has rebounded, retaining our bullishness for recent upmove to resume after consolidation, above 0.9620-25 would confirm and bring retest of recent high at 0.9690, once this level is penetrated, this would signal the rise from 0.8699 low is still in progress for headway to previous chart resistance at 0.9752 and then 0.9800-10

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 23 14 10:12 GMT

The single currency only eased to 0.7850 before finding renewed buying interest, euro then staged the anticipated rebound to as high as 0.8047 last week, adding credence to our view that low has possibly been formed at 0.7766, however, as price has retreated after faltering below previous resistance at 0.8066, suggesting initial consolidation would be seen but said support at 0.7850 should limit downside and bring another rebound.

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

The greenback rose again after brief pullback and indicated previous chart resistance at 1.1279 was penetrated, adding credence to our view that low has been formed at 0.9407 (back in 2011) and bullishness remains for the a-b-c rise from there to bring further gain in wave c (indicated target at 1.1385 - 1.236 times projection of 0.9633-1.0609 measuring from 1.0182 had been met) towards 1.1440-50, then 1.1500

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 22 14 11:01 GMT

Although euro's rebound from 1.4012 turned out to be stronger-than-expected, lack of follow through buying and current retreat from 1.4501 suggest consolidation would be seen and weakness to 1.419-00 cannot be ruled out, however, only break of 1.4090-95 would signal the rebound from 1.4012 has ended and bring retest of this level. Looking ahead, below there would signal the fall from 1.5586 top has resumed and may bring retracement of early upmove to 1.3950-60

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 22 14 10:50 GMT

Aussie has remained confined within near term range and further consolidation above recent low at 0.8643 would be seen, however, reckon upside would be limited to 0.8930-40 (38.2% Fibonacci retracement of 0.9402-0.8643) and bring another decline later, a break of said support at 0.8643 would add credence to our count that the decline from 1.1081 (top of wave 5 of V) is still in progress and may extend weakness to 0.8590-00 and possibly 0.8540-45

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 21 14 10:59 GMT

Although the British pound slipped again to as low as 1.5875 last week, the subsequent rebound suggests consolidation above this level would bee seen and test of resistance at 1.6227 is likely, however, a daily close above there is needed to signal low has possibly been formed, bring a stronger rebound to 1.6300, break there would add credence to this view and a stronger rebound to 1.6390-00 would follow. Looking ahead, only a sustained breach above resistance at 1.6525 would provide confirmation

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 21 14 10:54 GMT

The British pound only recovered to 1.5470 before falling sharply in line with our bearish expectation, adding credence to our view that top has possibly been formed at 1.5536, having said that, as sterling has rebounded after holding above previous support at 1.4974 (last month's low), suggesting choppy trading would be seen and recovery to 1.5350 cannot be ruled out, however, reckon 1.5400-10 would limit upside and bring another decline later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 20 14 11:09 GMT

Although the greenback slipped again last week to as low as 105.20, the subsequent quick rebound suggest a temporary low is possibly formed and consolidation with mild upside bias is seen for at least a retracement of the fall from 110.09 and gain to 108.00-10 would be seen, however, break of resistance at 108.74 is needed to signal the retreat from 110.09 has ended and bring further gain to 109.40-50. Having said that, only break of resistance at 109.90 would signal medium term upmove has resumed

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 20 14 11:01 GMT

The single currency found good support just above 1.2600-05 level and has rebounded again last week, suggesting a temporary low has been formed at 1.2501 and consolidation above this level would be seen and another corrective bounce to 1.2887 (last week's high) cannot be ruled out, however, reckon upside would be limited to 1.2965-75 (50% Fibonacci retracement of 1.3433-1.2501) and bring another decline. Below 1.2600-05 would signal rebound from 1.2501 has ended and bring retest of this level

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