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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 04 15 09:36 GMT

The single currency has tumbled and broke below previous support at 133.31, adding credence to our bearish view that the c leg of larger degree wave b is still in progress and may extend weakness to 131.80-85 (61.8% Fibonacci retracement of 126.09-141.06), then towards 131.20-30

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 04 15 09:23 GMT

The greenback has risen again after brief pullback to 0.9569, adding credence to our view that the retreat from 0.9903 has ended at 0.9259, hence consolidation with upside bias remains for gain to key resistance at 0.9799, however, a daily close above there is needed to retain bullishness and bring retest of said resistance at 0.9903.

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 03 15 09:43 GMT

As the single currency has continued to trade with a firm undertone, adding credence to our view that temporary low has been formed at 0.6936 earlier in July and consolidation above this level is seen with upside bias, above last week's high of 0.7423 would extend gain to resistance at 0.7483 (previous 4th) and later towards 0.7550, then 0.7592. We are keeping our count that the major (A)-(B)-(C)-(X)-(A)-(B)-(C) correction is unfolding with first (A)-(B)-(C) ended at 0.7756, followed by wave (X) at 0.8815, hence 2nd (A) has either ended at 0.6936

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 03 15 09:37 GMT

The greenback has maintained a firm undertone after last month's resumption of medium term upmove and above 1.3350-55 would extend further gain to 1.3400-10, then 1.3450, however, loss of near term upward momentum should prevent sharp move beyond 1.3490-95 (50% projection of 1.2128-1.3213 measuring from 1.2952) and price should falter well below 1.3620-25 (61.8% projection), risk from there is seen for a correction to take place in Q4.

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 02 15 09:16 GMT

Recent upmove from 1.3025 (wave (B) trough) accelerated and surged to as high as 1.5563, adding credence to our count that wave (C) has commenced, however, as price has retreated after faltering below previous resistance at 1.5586, suggesting consolidation below this level would be seen and initial downside bias remains for minor correction to 1.4700, however, reckon 1.4590-00 would limit downside and bring another rise later. Above 1.5200 would bring test of 1.5425-30

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 02 15 09:07 GMT

Aussie has fallen again after brief recovery to 0.7206 and the pair just broke below psychological level at 0.7000 in the first day of September, adding credence to our bearish view that the major decline from 1.1081 top (Wave B peak) is still in progress and downside bias remains for further weakness to 0.6935 (1.618 times projection of 0.8163-0.7598 measuring from 0.7849) and then 0.6900, however, reckon downside would be limited to 0.6860-65

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 01 15 10:53 GMT

Cable's retreat from 1.5818 turned out to be much stronger than expected and the subsequent breach of previous support at 1.5330 signals another leg of decline from 1.5930 top is underway and may bring retracement of recent rise from 1.4566 to 1.5245-50 (50% Fibonacci retracement of 1.4566-1.5930) and then 1.5190-00 but reckon support at 1.5170 would limit downside and price should hold above 1.5085-90

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 01 15 10:44 GMT

Sterling's retreat from 195.25 turned out to be much stronger than expected, dampening our bullishness and suggesting temporary top has been formed at 195.85, hence consolidation below this level would be seen with mild downside bias for correction of recent upmove, below 183.20-30 would bring further weakness to 182.00, then previous support at 180.95, however, reckon psychological support at 180.00 would limit downside

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 31 15 10:49 GMT

Although the single currency surged to 1.1714 last week, the subsequent retreat turned out to be much deeper than expected, suggesting top has been formed there and consolidation with downside bias is seen for weakness to 1.1100-10, however, a daily close below support at 1.1018 is needed to add credence to this view and extend fall to 1.0960, then 1.0900-10.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 31 15 10:42 GMT

Despite last week's selloff to 116.16, the subsequent strong rebound suggest low has possibly been formed there and consolidation with mild upside bias is seen for gain to 122.00, then 123.01 (previous support turned resistance), however, break of 123.79 (another previous support) is needed to signal correction from 125.86 top has ended, bring further gain to 124.60-65 first. Looking ahead, a break of 125.28 would signal medium term uptrend has resumed

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 28 15 10:48 GMT

Euro's retreat from 139.01 turned out to be stronger than expected, suggesting top has been formed there and consolidation with downside bias is seen for weakness to 135.00 but a daily close below there is needed to add credence to this view and signal the rebound from 133.31 has ended, then fall to 134.33 support would follow. Looking ahead, below 134.33 support would shift risk back to downside for another fall towards 133.31

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 28 15 10:43 GMT

The greenback found good support at 0.9259 and has staged a strong rebound, suggesting the retreat from 0.9903 has possibly ended there and consolidation with upside bias is seen for gain to 0.9700-10, however, only a break of key resistance at 0.9799 is needed to signal the retreat from 0.9903 has ended and bring retest of this level. Looking ahead, a break of this resistance would signal the correction from 1.0129 has possibly ended at 0.9072

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 27 15 08:44 GMT

Euro's anticipated rally after finding renewed buying interest at 0.7026 adds credence to our view that temporary low has been formed at 0.6936 earlier and consolidation above this level is seen with upside bias, above this week's high of 0.7423 would extend gain to resistance at 0.7483 (previous 4th) and later towards 0.7550 and 0.7592. We are keeping our count that the major (A)-(B)-(C)-(X)-(A)-(B)-(C) correction is unfolding

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 27 15 08:37 GMT

Although the greenback continued to move higher after recent resumption of medium term upmove and above 1.3350-55 would extend gain to 1.3400-10, then 1.3450, loss of near term upward momentum should prevent sharp move beyond 1.3490-95

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 26 15 10:16 GMT

Although the single currency retreated after rising to 1.0962 earlier this month, as 1.0713 has contained downside last week, retaining our bullishness and as long as this level holds prospect of another rise remains, above 1.0900 would bring retest of said resistance but break there is needed to confirm medium term upmove has resumed and extend gain to 1.1000, then 1.1130-40

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 26 15 09:55 GMT

Aussie did tumble in line with our bearish expectation and our short position entered at 0.7400 met indicated downside target at 0.7200 as price dropped as low as 0.7043 on Monday, adding credence to our bearish view for medium term decline to resume, having said that, as the pair has rebounded, suggesting consolidation above this level would be seen and initial recovery to 0.7250 and possibly 0.7340-50 cannot be ruled out

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 25 15 10:34 GMT

Although cable retreated late last week, sterling found renewed buying interest at 1.5606 and has risen again, retaining our bullishness for the rebound from 1.5330 to extend further gain to 1.5850-60, then retest of previous resistance at 1.5930. A break of this level would confirm the rise from 1.4566 (wave I low) has resumed for correction of early entire fall from 1.7192 (2014 high), then headway to psychological resistance at 1.6000 would be seen

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 25 15 10:23 GMT

The British pound ran into heavy resistance at 1.5411 earlier this month and the subsequent stronger-than-expected retreat signal temporary top has possibly been formed there and several weeks of consolidation below this level would be seen with downside bias for weakness to 1.4700, then 1.4600-05. A break of latter level would add credence to this view and extend the fall from 1.5411 top to 1.4550-60, then towards support at 1.4467

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 24 15 11:34 GMT

The single currency found renewed buying interest at 1.1018 last week  and has rallied, the rise gathered momentum after breaking resistance at 1.1214, price just broke above previous resistance at 1.1467, adding credence to our view that another leg of corrective rise from 1.0462 low is underway for retracement of early downtrend, hence further gain to 1.1515-20 (50% Fibonacci retracement of 1.2570-1.0462) and possibly test of previous resistance at 1.1534 would be seen

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 24 15 11:22 GMT

Dollar faltered below minor resistance at 124.63 and tumbled since later part of last week, the breach of support at 123.79 together with the subsequent selloff signal temporary top has been formed at 125.86 earlier and consolidation with downside bias is seen for retracement of recent upmove to 118.85-90, then test of support at 118.33, however, reckon 117.95-00 (38.2% Fibonacci retracement of 105.20-125.86) would hold

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