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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/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 28 16 10:09 GMT

The single currency met renewed selling interest at 1.0985 earlier this month and dropped below support at 1.0886, suggesting top has possibly been formed at 1.1001 and consolidation with mild downside bias is seen for weakness to 1.0826. A daily close below this level would add credence to this view, bring further fall towards previous support at 1.0789. Looking ahead, only a drop below this support would suggest the rebound from 1.0622 has ended

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 28 16 09:58 GMT

Although aussie has risen again after brief pullback and near term upside risk remains for gain to 0.7700, break of resistance at 0.7732 is needed to shift risk back to upside for test of 0.7758, above there would suggest early rise from 0.6827 (this year's low) has resumed for further gain to 0.7835 (2016 high). Looking ahead, above 0.7835 would extend this upmove to 0.7900 and later towards

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 27 16 12:08 GMT

Although cable has fallen again after meeting renewed selling interest at 1.3121 and downside risk remains for weakness towards support at 1.2866, break there is needed to signal early downtrend has resumed for a retest of recent low at 1.2795 which is likely to hold on first testing. Looking ahead, only below 1.2795 would confirm medium term downtrend has resumed and extend weakness in wave (iii) impulsive fall to

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 27 16 12:00 GMT

As sterling has remained under pressure, suggesting a test of previous support at 129.20 (last month's low) would be seen, however, a daily close below there is needed to signal early downtrend has resumed for a retest of 128.80, once this level is penetrated, this would extend medium term downtrend to 128.00, then towards 127.00 but near term oversold condition should limit downside and

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 26 16 10:50 GMT

The single currency held right at previous support at 1.1123 last week and has rebounded again, suggesting further consolidation would be seen, however, as long as minor resistance at 1.1284 holds, bearishness remains for another decline, below said support at 1.1123 would signal top has indeed been formed at 1.1366 and extend fall towards

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 26 16 10:45 GMT

The greenback met renewed selling interest at 102.79 and has fallen below 101.20 support, suggesting rebound from 99.54 has ended at 104.32 and mild downside bias remains for weakness to 100.00 but break of said support at 99.54 is needed to signal wave iv from 99.01 has ended at 107.49 and recent downtrend has resumed for

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 23 16 11:43 GMT

The single currency dropped quite sharply this month and although price has recovered from 112.08 and corrective bounce to 114.00 cannot be ruled out, reckon upside would be limited to resistance at 114.40 and bring another decline later. Below said support at 112.08 would signal the rebound from 109.49 has ended and extend the fall from 118.47 to

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 23 16 11:32 GMT

Although the greenback edged higher to 0.9819 last week (we recommended to sell at 0.9800 and a short position was entered), the pair met renewed selling interest there and has retreated, retaining our bearishness and suggesting the rebound from 0.9650 has ended there, hence consolidation with downside bias remains for another test of

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 22 16 12:00 GMT

As euro has continued edging higher after rebounding from 0.8333, suggesting near term upside risk remains for marginal gain, however, if our view that a temporary top has been formed at 0.8725 is correct, upside should be limited and 0.8650 should hold, bring retreat later, below 0.8500 would bring test of 0.8465-70 but break of support at 0.8420 is needed to signal the rebound from 0.8333 has ended, bring further fall to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 22 16 11:48 GMT

Although the greenback surged earlier this month and rose to as high as 1.3248, as price has retreated after faltering below resistance at 1.3254, suggesting further consolidation would be seen and weakness to 1.3000, then 1.2940-50 would be seen, however, break of 1.2900 is needed to signal the rebound from 1.2763 (last month's low) has ended, bring further fall towards

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 21 16 10:32 GMT

Although the single currency rallied earlier this month and rose to as high as 1.4874 last week, the subsequent retreat suggests consolidation below this level would be seen and pullback to 1.4600 cannot be ruled out, however, reckon downside would be limited to 1.4550 and bring another rise later. Above 1.4800-05 would signal the pullback from 1.4874 has ended

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 21 16 10:26 GMT

Despite falling sharply from 0.7732 to 0.7442 earlier this month, as aussie found good support at 0.7442 last week and staged a strong rebound, suggesting further choppy trading would be seen and recovery to 0.7640-50 cannot be ruled out, however, 0.7700 should cap upside, bring another decline. Below 0.7500 would bring test of 0.7470 but

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 20 16 11:28 GMT

As cable met renewed selling interest at 1.3445 earlier this month and has dropped quite sharply, dampening our near term bullishness and suggest the rebound from 1.2866 has ended there, hence downside risk remains for further weakness to 1.2900, however, as broad outlook remains consolidative, reckon downside would be limited to 1.2866 and recent low at 1.2795 would remain intact

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 20 16 11:19 GMT

Sterling's retreat from 1.3122 turned out to be much deeper than expected, dampening our near term bullishness and downside risk remains for weakness to 1.2600, then 1.2550, however, break of recent low at 1.2448 is needed to signal recent downtrend has resumed and extend further fall to 1.2390-00 and later towards 1.2300 which is likely to hold

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 19 16 11:27 GMT

Despite last week's rebound to 103.36, lack of follow through buying and the subsequent retreat suggest further consolidation would be seen and weakness to 101.42 support cannot be ruled out, however, break of 101.20 support is needed to retain bearishness and signal top has been formed at 104.32 earlier this month, bring further fall to 100.70-75 but

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 16 16 10:12 GMT

Although the single currency did rebound after finding support at 113.93 earlier this week, as euro has retreated after meeting resistance at 116.09, suggesting further consolidation is in store but as long as support at 113.81 holds, mild upside bias remains for another rebound, above 116.09 would bring test of previous resistance at 116.37 but break there is needed to extend the rebound from 112.31 to 116.90-00. Looking ahead, only a daily close above resistance at 117.15 would retain bullishness and bring subsequent rise towards

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

Dollar’s retreat after meeting resistance at 0.9885 earlier this month has retained our view that further consolidation would be seen and although mild downside bias is seen for weakness to 0.9600-10, a drop below 0.9521-37 support is needed to retain bearishness and signal a downside break of recent broad range has occurred, bring further fall to 0.9500, then towards recent low at 0.9444.

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 14 16 07:41 GMT

The single currency did rise to 1.1001 (just missed our upside target at 1.1010) and retreated, however, euro found support at 1.0886 last week and has rebounded again, retaining our bullish view that the rise from 1.0622 low is still in progress and may extend further gain towards previous resistance at 1.1018, having said that, only a daily close above this level would confirm low has been formed at 1.0622 back in June and suggest the erratic fall from 1.1201 top has ended, bring further gain to

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 14 16 07:39 GMT

Despite last week's rise to 0.7732, as aussie has retreated sharply after faltering below previous resistance at 0.7758, dampening our bullishness and suggesting further consolidation below said resistance would be seen, hence weakness to 0.7421 support is likely, however, a daily close below there is needed to signal recent rise from 0.7145 has ended at 0.7758, bring further fall to

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 13 16 09:58 GMT

As cable has retreated after rising to 1.3445 last week, suggesting consolidation below this level would be seen and pullback to 1.3200-10 cannot be ruled out, however, reckon 1.3155-60 would limit downside and bring another rise later, above said resistance at 1.3445 would extend gain towards previous resistance at 1.3481 which is likely to hold from here.

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