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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.


GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 23 16 10:23 GMT

Although cable retreated from last week's high of 1.3185, sterling found renewed buying interest at 1.3023 and has rebounded again, suggesting near term upside risk remains for the corrective rise from 1.2866 to extend further gain to 1.3270-80 but resistance at 1.3372 should limit upside and price should falter well below resistance at 1.3481, bring another decline later this month or in late Q3. In the unlikely event sterling breaks above resistance at 1.3481, this would signal

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 23 16 10:06 GMT

Although sterling fell marginally to 1.2448 last week, lack of follow through selling on break of previous support at 1.2513 and the subsequent rebound suggest consolidation above 1.2448 would be seen with mild upside bias for retracement to 1.2810-20, however, a daily close above 1.2850 is needed to suggest a temporary low is formed, bring a stronger rebound to 1.2950, then 1.2990-00. A daily close above latter level would add credence to this view

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 22 16 11:51 GMT

As euro has eased after surging to 1.1366 last week, suggesting consolidation below this level would be seen initially and near term downside risk is for pullback to 1.1250 but reckon previous resistance at 1.1221 would limit downside and bring another rise later, above said resistance at 1.1366 would extend the erratic rise from 1.0912 towards resistance at 1.1428, however, a daily close above there is needed to signal the fall from 1.1616 has indeed ended

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 22 16 11:42 GMT

Although the greenback broke below previous support at 100.00 and fell to 99.54 last week, as price has recovered after holding above recent low at 99.01, suggesting consolidation above this level would be seen and initial recovery to 101.15-20 cannot be ruled out, however, reckon upside would be limited to resistance at 102.28 and resistance at 102.66 should hold, bring another decline later. Below said last week's low at 99.54 would bring

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 19 16 10:21 GMT

Euro's near term sideways trading is expected to continue and although price has recovered after holding above support at 112.31, reckon upside would be limited to 114.50-60 and 115.00 should hold, bring another decline later. Below 112.65-70 would bring test of said support at 112.31, break there would extend weakness to 112.00, below would signal rebound from 109.49 has ended at 118.47, bring further fall to

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 19 16 10:16 GMT

The greenback did drop sharply after meeting renewed selling interest at 0.9845 earlier this month, adding credence to our bearish view that the fall from 0.9951 is still in progress, our short position entered at 0.9820 met indicated downside target at 0.9620 (with 200 points profit), adding credence to our bearish view that rebound from 0.9444 has ended at 0.9956 and test of previous support at 0.9521 cannot be ruled out

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 18 16 11:36 GMT

As the single currency has retreated after rising to 0.8725, suggesting consolidation would be seen and as long as said resistance holds, mild downside bias is for correction to 0.8550, then 0.8490-00, however, below latter level is needed to suggest a temporary top is possibly formed, bring retracement of recent upmove to 0.8450 and later towards 0.8400-10 but support at 0.8344 should remain intact, bring rebound later.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 18 16 11:27 GMT

As the greenback has remained under pressure after breaking indicated support at 1.2861, adding credence to our view that top has been formed at 1.3254 and consolidation with downside bias remains for further weakness to 1.2750, then test of support at 1.2678, however, break there is needed to signal the correction from 1.2461 low has ended at 1.3254, bring further fall to 1.2654, then 1.2590-00.

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 17 16 11:37 GMT

Although the single currency recovered after falling to 1.4428 earlier this week and consolidation above this level would be seen, reckon upside would be limited to 1.4590-00 and as long as resistance at 1.4627 holds, downside risk remains for another decline, below said support at 1.4428 would extend weakness to 1.4390-00 and possibly 1.4320-25, however, support at 1.4289 should remain intact. Only a drop below 1.4251 would bring retest of 1.4181

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 17 16 11:25 GMT

Although aussie has retreated after faltering below last week's high of 0.7758 and further consolidation below this level would be seen, reckon downside would be limited to 0.7575-80 and bring another rise later, above said resistance at 0.7758 would extend the rise from 0.7145 to previous resistance at 0.7835, however, break there is needed to retain bullishness and confirm early upmove from 0.6827 low has resumed for headway to

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 16 16 11:37 GMT

Cable only recovered to 1.3094 (we recommended in our previous update to sell at 1.3100 and missed our entry) and extended recent decline from 1.3481 as suggested, adding credence to our bearish view that early correction from recent low at 1.2795 has indeed ended at 1.3481, hence eventual retest of this level would be seen. A drop below this level would extend major downtrend 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 | Aug 16 16 11:29 GMT

Although sterling has remained under pressure after recent selloff, adding credence to our bearish view that correction from 128.80 has ended 143.20 earlier and recent downtrend should resume for retest of 128.80, break there would extend further weakness to 127.00, then 126.00  but reckon 125.00 would hold on first testing due to near term oversold condition, risk from there is seen for another rebound to take place.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 15 16 10:08 GMT

Despite early retreat from 1.1234 to 1.1046, the subsequent stronger-than-expected rebound suggests further choppy trading would be seen and another bounce to 1.1221-34 resistance area cannot be ruled out, however, break there is needed to signal the erratic rise from 1.0912 low is still in progress, bring a stronger retracement of recent decline to 1.1300, then towards 1.1350 but price should falter well below

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 15 16 10:03 GMT

The greenback only recovered to 102.66 last week before dropping again, suggesting the decline from 107.49 (last month's high) is still in progress and break of 100.68 support would bring a test of previous support at 100.00, however, only a drop below there would confirm early rebound from 99.01 has ended at 107.49, bring resumption of early decline from 125.86 top (2015 high) for retest of 99.01, then towards

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 12 16 10:47 GMT

As the single currency has recovered after finding support at 112.31 late last week, suggesting consolidation above this level would be seen and recovery to 114.50-60 cannot be ruled out, however, reckon 115.00 would limit upside and bring another decline later. Below 112.70-75 would bring test of said support at 112.31, break there would extend weakness to 112.00, below would signal rebound from 109.49 has ended at 118.47, bring further fall to

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 12 16 10:42 GMT

Although the greenback staged a strong rebound from 0.9633, as 0.9845 capped dollar's upside and has retreated, retaining our bearishness and consolidation with downside bias is seen for weakness to 0.9700, however, break of said support at 0.9633 is needed to extend the fall from 0.9951 to 0.9600 and later towards support at 0.9521 which is likely to hold from here. A drop below this level would signal early decline has resumed

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 11 16 10:57 GMT

The single currency found renewed buying interest at 0.8344 last week and has rallied, dampening our bearishness and retest of recent high at 0.8628 cannot be ruled out, however, break there is needed to confirm the major rise from 0.6938 low has resumed and may extend further gain to 0.8650, then 0.8700, however, near term overbought condition should prevent sharp move beyond 0.8760-70 and price should falter below

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 11 16 10:47 GMT

Failure to extend last week's rebound and the subsequent retreat from 1.3200 dampened our bullishness and further consolidation below recent high of 1.3254 would be seen, hence weakness to 1.2990 and then 1.2950 cannot be ruled out, however, only below 1.2925-30 would suggest top is formed, then test of support at 1.2861 would follow. Looking ahead, break of this level is needed to add credence to this view, bring further fall to

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 10 16 11:48 GMT

Although the single currency broke below 1.0817, as euro found renewed buying interest at 1.0789 and has staged another strong rebound, suggesting test of resistance at 1.0949 would be seen, however, break there is needed to extend the rebound from 1.0622 low towards previous resistance at 1.1018, having said that, a daily close above this level is needed to confirm low has been formed at 1.0622 back in June

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Aug 10 16 11:40 GMT

Aussie finally broke above resistance at 0.7676, signaling the rise from 0.7145 is still in progress and may extend gain towards previous resistance at 0.7835, however, break there is needed to retain bullishness and confirm early upmove from 0.6827 low has resumed for headway to 0.7865-70, then 0.7940-50 but reckon psychological resistance at 0.8000 would limit upside and price should falter below

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