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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 | Apr 24 15 09:30 GMT

Euro's rebound after falling to 126.09 earlier this month has retained our view that further consolidation above this level would be seen and mild upside bias remains for gain to 130.50 and possibly towards resistance at 131.30, however, a daily close above there is needed to signal a temporary low has been formed at 126.09, bring retracement of recent decline to previous resistance at 131.73 later.

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 24 15 09:17 GMT

As the greenback has retreated again after this week's brief bounce to 0.9719, suggesting near term downside risk remains for test of support at 0.9481, however, break there is needed to retain bearishness and extend the retreat from 1.0129 top for retracement of early upmove to support at 0.9450, then towards 0.9315 (50% Fibonacci retracement of 0.8501-1.0129) but downside should be limited

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 23 15 10:52 GMT

Although the single currency has fallen again after brief recovery to 0.7235 and near term downside risk remains for the fall from 0.7385 to extend marginal weakness, if our view that temporary low formed at 0.7014 (as wave v of larger degree wave iii) is correct, downside should be limited to 0.7100-10 and bring rebound later. Above 0.7235 would bring test of 0.7270, break there would suggest low is formed and bring rebound to 0.7315 but break there is needed to signal the retreat from 0.7385 has ended

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 23 15 10:46 GMT

Although the greenback has recovered after falling to 1.2088 late last week and consolidation above this level would be seen, reckon previous support at 1.2388 would limit upside and bring another decline later, a break of said support at would add credence to our view that top has been formed at 1.2835, bring retracement of early upmove to 1.1975-80 (50% Fibonacci retracement of 1.1122-1.2835), however, downside should be limited to 1.1900

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 22 15 10:52 GMT

Aussie found renewed buying interest at 0.7553 last week and has staged the anticipated rebound since, our long position entered at 0.7630 reached our upside target at 0.7830 with 200 points profit, this anticipated rebound adds credence to our view that a temporary low has possibly been formed at 0.7533 earlier this month and consolidation with mild upside bias remains for gain to 0.7850, however, a daily close above resistance at 0.7938 is needed to provide confirmation

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 22 15 10:41 GMT

The single currency dropped this month and broke below previous support at 1.3387, adding credence to our bearish view that medium term decline is still in progress and downside bias remains for the fall from 1.5586 (wave (A) top) to bring further weakness to psychological support at 1.3000, break there would encourage for decline to 1.2940-50 and then 1.2850, however, loss of near term momentum should prevent sharp fall below 1.2800 and reckon 1.2700 would hold

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 21 15 10:28 GMT

Despite last week's resumption of decline to 1.4566, the subsequent strong rebound to 1.5053 suggests a temporary low has possibly been formed there and consolidation with mild upside bias would be seen for another test of said resistance, break there would add credence to this view, bring retracement of recent decline to 1.5100, then test of previous resistance at 1.5167 which is likely to hold on first testing. We are keeping our view that wave C of the larger degree wave (B) ended at 1.7192 and major fall from there has commenced

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 21 15 10:27 GMT

The British pound met renewed selling interest at 179.30 and then resumed recent decline in line with our bearish expectations, our short position entered at 179.00 reached our downside target at 176.00 with 300 points profit, however, sterling found good support at 174.90 and staged a quick rebound from there since, suggesting a temporary low has possibly been formed there and consolidation above this level is in store. Having said that, only break of said resistance at 179.30 would add credence to this view, bring retracement of recent decline to 180.00-10

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 20 15 10:18 GMT

Despite last week's initial brief rise to 120.85, the subsequent stronger-than-expected retreat dampened our bullishness and near term downside risk remains for weakness to previous support area at 118.23-33, however, break there is needed to confirm temporary top has been formed at 122.03 and signal another leg of corrective decline from there is underway for retracement of early upmove to 117.50 and then 117.00

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 20 15 10:10 GMT

Although the single currency fell initially to 1.0520 last week, as euro has staged a stronger-than-expected rebound after holding above recent low of 1.0462, dampening our bearishness and suggesting further consolidation above this level is in store, hence corrective bounce to 1.0850 cannot be ruled out, however, upside should be limited to 1.0885-90 and price should falter below 1.0955, bring another decline. Only break of resistance area at 1.1036-52 would revive our view that low has possibly been formed at 1.0462

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 17 15 10:02 GMT

Despite falling to 126.09 earlier this week, lack of follow through selling and the subsequent rebound suggest consolidation above this level would be seen and upside risk has increased for retracement to 129.20-25 and later towards 130.00, having said that, 120.35-40 is likely to limit upside and euro should falter well below resistance at 131.30, bring another decline later. Only a rise above resistance at 131.73 would signal a temporary low has been formed at 126.09

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 17 15 09:52 GMT

Despite last week's rise to 0.9863, the subsequent retreat turned out to be much stronger than expected, suggesting the rebound from 0.9481 has possibly ended there and consolidation with mild downside bias is seen for weakness towards this level, however, break there is needed to signal top has been formed at 1.0129, bring retracement of early upmove to support at 0.9450, then towards 0.9315 (50% Fibonacci retracement of 0.8501-1.0129)

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 16 15 10:57 GMT

Although the single currency has remained under pressure after breaking previous support at 0.7223 and near term downside risk remains for test of previous support at 0.7154, if our view that temporary low formed at 0.7014 (as wave v of larger degree wave iii) is correct, downside should be limited to 0.7100-10 and bring rebound later. Above 0.7270 would suggest low is formed and bring rebound to 0.7315 but break there is needed to signal the retreat from 0.7385 has ended and bring another rise towards this level later.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 16 15 10:49 GMT

The greenback ran into renewed selling interest at 1.2667 late last week and has tumbled below support at 1.2350-52 (38.2% Fibonacci retracement of 1.1565-1.2835 and previous support), signal a temporary top has been formed at 1.2385 earlier and downside bias is seen for retracement of early upmove and weakness to 1.2200 (50% Fibonacci retracement) is likely, however, reckon downside would be limited to 1.2100 and 1.2050 (61.8% Fibonacci retracement) would hold

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 15 15 11:54 GMT

Although aussie has slipped again after meeting resistance at 0.7739 last week, as long as recent low at 0.7533 holds, further consolidation is seen and prospect of another rebound cannot be ruled out, break of said resistance at 0.7739 would bring retracement of recent decline to 0.7800 and then 0.7850, however, a daily close above resistance at 0.7938 is needed to signal temporary low has been formed at 0.7533

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 15 15 11:49 GMT

The single currency has fallen again after meeting renewed selling interest at 1.0495, suggesting the fall from 1.0812 top is still in progress and near term downside risk remains for this decline to bring retracement of early upmove to 1.0300-10 and possibly test of previous resistance at 1.0250, a daily close below there would signal the rebound from 0.8426 has ended and risk weakness to 1.0180-85

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 14 15 10:24 GMT

Although the British pound did rebound after finding support at 1.4750 earlier this month, cable ran into renewed selling interest at 1.4981 and has dropped again, price then resumed recent decline as the pair broke below previous support at 1.4635, signaling the major fall from 1.7192 top is still in progress and may extend weakness to 1.4500, then 1.4430-35 (50% projection of 1.7192-1.4951 measuring from 1.5552) but reckon downside would be limited to 1.4300 and 1.4200 should hold

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 14 15 10:13 GMT

The British pound found support at 1.4148 earlier this month and has recovered, suggesting minor consolidation above this level would be seen and rebound to 1.4450 cannot be ruled out, however, reckon upside would be limited to 1.4640-50 and bring another decline later. A break of said support at 1.4148 would extend the fall from 1.5195 top for retracement of early upmove to 1.4100, then towards 1.3990-00

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 13 15 10:27 GMT

As the greenback has risen again after finding renewed buying interest at 119.64 and gain towards resistance at 121.20 cannot be ruled out, however, a daily close above there is needed to retain bullishness and signal correction from 122.03 has ended, bring retest of this recent high later. Looking ahead, above there would confirm the major upmove from 75.31 (2011 low) has resumed for gain to 122.50-60, then 123.20-25

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 13 15 10:09 GMT

Euro's selloff from 1.1036 turned out to be much stronger than expected, suggesting correction from 1.0462 has ended at 1.1052 earlier and bearishness is seen for a retest of 1.0462, break there would confirm medium term downtrend has resumed for weakness to 1.0410-15 (1.236 times projection of 1.4940-1.2042 measuring from 1.3993), however, near term oversold condition should limit downside to 1.0300-10 and reckon 1.0200 would hold

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