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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 | May 22 15 10:45 GMT

Although the single currency retreated after rising to 136.96 earlier this week and consolidation would be seen,  reckon this week's low at 133.92 would limit downside and bring rebound later, above 136.00 would bring retest of said resistance at 136.96 but break there is needed to signal the rise from 126.09 low (tentatively wave A trough) is still in progress for this wave B to bring retracement of the decline from 149.79, hence gain to 137.40-50 would be seen

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 22 15 10:34 GMT

Although the greenback edged higher to 0.9406 earlier this week, as the move from 0.9072 is viewed as retracement of recent decline, reckon upside would be limited and bring retreat later, below 0.9245-50 would bring weakness to 0.9150 but break of latter level is needed to signal correction from 0.9072 has ended at 0.9406, bring retest of this level later. Looking ahead, a break of 0.9072 is needed to confirm the fall from 1.0129 top has resumed and bring a stronger retracement of the rise from 0.7401 to 0.9060-65

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 21 15 10:45 GMT

The single currency finally broke below previous support at 0.7117, adding credence to our view that the rebound from 0.7014 has ended at 0.7483 and bearishness remains for further weakness to 0.7050, then towards said recent low at 0.7014. A break of this support would extend recent decline to 0.7000, then 0.6950 but reckon 0.6900-10 would hold on first testing due to oversold condition.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 21 15 10:38 GMT

As the rebound from 1.1920 (last week'slow) turned out to be stronger than expected, suggesting the fall from 1.2835 top has formed a temporary low there and consolidation with mild upside bids is seen for retracement to 1.2300-10 and possibly towards previous support at 1.2388, however, reckon upside would be limited to 1.2450-60 and price should falter below 1.2570, bring another decline later.

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 20 15 11:25 GMT

Although aussie did extend the rebound from 0.7533 low in line with our bullish expectations and our long position entered at 0.7860 met indicated target at 0.8060 with 200 points profit, the subsequent retreat from 0.8163 suggests top has possibly been formed there and consolidation with mild downside bias is seen for weakness towards support at 0.7788

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 20 15 11:18 GMT

Despite rising marginally to 1.3806 earlier this week, lack of follow through buying on break of previous resistance at 1.3768 and the subsequent retreat suggest consolidation below said resistance would be seen and weakness to 1.3500 and possibly test of support at 1.3430 cannot be ruled out, however, reckon downside would be limited to 1.3400-05 and reckon 1.3325-30 would contain weakness

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 19 15 10:24 GMT

Although the British pound extended recent rise from 1.4566 low to 1.5815 last week, the subsequent sharp retreat suggests top has possibly been formed there and consolidation with mild downside bias is seen for test of 1.5450-55 (50% Fibonacci retracement of 1.5089-1.5815), however, break of support at 1.5355 is needed to retain bearishness and bring a strong correction of the aforesaid rise to 1.5292 (previous resistance), then towards 1.5200

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 19 15 10:07 GMT

Sterling only eased to 180.95 before finding renewed buying interest there and the British pound has rallied again, indicated upside targets at 185.00, 186.00 and 187.80 were reached, however, as price has retreated from 188.60, suggesting consolidation below this level would be seen and pullback to 185.90-00 and later 185.00 cannot be ruled out, however, reckon 184.15 would hold from here, bring another rise later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 18 15 10:04 GMT

Although dollar's retreat from 120.51 turned out to be slightly stronger than expected as price slipped again last week to 118.89, as price has rebounded again from there, suggesting further consolidation is in store and another bounce to last week's high at 120.28 cannot be ruled out, however, break of resistance at 120.85 is needed to signal the correction from 122.30 has ended at 118.33 earlier, then further rise to 121.20 would follow.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 18 15 10:00 GMT

Although the single currency found renewed buying interest at 1.1131 last week and has resumed recent rise from 1.0462, as this move is still viewed as retracement of early downtrend, reckon upside would be limited to 1.1465-70 and price should falter below 1.1516-34 area (50% Fibonacci retracement of 1.2570-1.0462 and previous resistance), bring retreat later. Below 1.1300 would bring weakness to 1.1200

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 15 15 10:11 GMT

As the single currency has finally broken above previous resistance at 136.00, signaling the rise from 126.09 low (tentatively wave A trough) is still in progress for this wave B to bring retracement of the decline from 149.79, hence gain to resistance at 136.69, then 137.40-50 would be seen, however, reckon upside would be limited to 137.90-00 (50% Fibonacci retracement of 149.79-126.09), risk from there is seen for a retreat later.

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 15 15 10:03 GMT

Although the greenback dropped again after meeting renewed selling interest at 0.9359 earlier this week and retest of previous support at 0.9072 cannot be ruled out, break there is needed to confirm the fall from 1.0129 top has resumed and bring a stronger retracement of the rise from 0.7401 to 0.9060-65 (1.236 times projection of 1.0129-0.9481 measuring from 0.9863) and possibly psychological support at 0.9000

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 14 15 10:56 GMT

Euro's retreat from 0.7483 (last week's high) turned out to be much deeper than expected, suggesting the rebound from 0.7014 has possibly ended there and test of support at 0.7117 cannot be ruled out, however, a daily close below this level is needed to add credence to this view, bring further weakness to 0.7050, then towards recent low at 0.7014.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 14 15 10:36 GMT

The greenback has fallen again after brief recovery, adding credence to our bearish view that the fall from 1.2835 top is still in progress for retracement of early upmove, hence weakness to 1.1900 and possibly 1.1850-60 would be seen, however, loss of near term downward momentum should prevent sharp fall below 1.1800-10 and reckon 1.1725-30 (50% Fibonacci retracement of 1.0621-1.2835), risk from there is seen for a rebound

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 13 15 11:02 GMT

Aussie has rebounded again after finding renewed buying interest at 0.7863 last week, retaining our bullishness for another test of resistance at 0.8076, however, break there is needed to add credence to our view that low has been formed earlier at 0.7533, bring retracement of early decline to 0.8100-10, then towards 0.8200, however, reckon upside would be limited to 0.8200

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 13 15 10:53 GMT

The single currency found renewed buying interest at 1.0305 and has rebounded again, consolidation with mild upside bias is seen for another bounce towards resistance at 1.0524 but break there is needed to retain bullishness and signal low has been formed at 1.0430 last month, bring retracement of recent decline to 1.0600-05, however, a daily close above there is needed to add credence to this view

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 12 15 09:57 GMT

Despite last week's initial fall to 1.5089, cable found renewed buying interest there and has rallied again, reviving our previous bullishness and signaling the rise from 1.4566 low is still in progress for retracement of early decline, hence gain to 1.5775-80 (61.8% Fibonacci retracement of 1.6525-1.4566), above there would encourage for headway to 1.5875-80 (50% Fibonacci retracement of entire fall from 1.7192-1.4566)

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 12 15 09:48 GMT

As the British pound has rebounded after falling to 1.3817 last week, suggesting correction from 1.5195 has possibly ended there and consolidation with upside bias is seen for test of resistance at 1.4711, however, break there is needed to add credence to this view, bring further gain to 1.4800, then 1.4900 but a daily close above 1.5000 is needed to signal upmove has resumed for a retest of said recent high at 1.5195

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 11 15 10:35 GMT

Despite last week's retreat to 119.06, the greenback did find renewed buying interest there and has rebounded, retaining our bullishness for test of last week's high at 120.51, break there would encourage for gain to another previous resistance at 120.85, however, break there is needed to signal the correction from 122.30 has ended at 118.33 earlier, then further rise to 121.20 would follow. A daily close above this level would add credence to this view, then retest of recent high at 122.03 would follow

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 11 15 10:27 GMT

As the single currency has retreated after rising to 1.1392 last week, suggesting consolidation with initial downside bias would be seen and test of previous support at 1.1066 support, however, reckon 1.1000 would limit downside and bring another rise later. Above 1.1289 would signal the retreat from 1.1392 has ended and bring retest of this level, break there would signal the erratic rise from 1.0462 low has resumed for retracement of recent selloff to 1.1450-60

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