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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.

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  • The weekly analysis section provides wave counts and forecasts from the bigger picture.


EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 01 14 10:47 GMT

The single currency dropped again after meeting renewed selling interest at 1.4388 last month, suggesting the decline from 1.5586 top has resumed and may bring retracement of early upmove to 1.3950-60 (61.8% Fibonacci retracement of 1.2954-1.5586) and possibly towards 1.3900-10, however, loss of downward momentum should prevent sharp fall below 1.3850-60 (50% Fibonacci retracement of 1.2129-1.5586)

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Oct 01 14 10:35 GMT

Recent decline gathered momentum and looks set to test previous support at 0.8660, once this support is penetrated, this would signal the erratic decline from 1.1081 (top of wave 5 of V) top has resumed and extend further weakness to 0.8590-00 and possibly 0.8550 would be seen, however, near term oversold condition should limit downside to 0.8500 and reckon 0.8440-50 would hold from here

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 30 14 09:06 GMT

Although the British pound has retreated after meeting resistance at 1.6525 and consolidation with mild downside bias is seen, a daily close below support at 1.6162 is needed to signal the rebound from 1.6052 has ended at 1.6525 and bring resumption of the decline from 1.7192 for retest of 1.6052, break there would extend weakness for at least a strong retracement of early upmove to 1.6000-05

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 30 14 09:00 GMT

Sterling found renewed buying interest at 169.35 and has rallied above previous resistance at 175.35, adding credence to our view that medium term upmove has resumed and indicated upside target at 180.00 had been met, although bullishness remains for recent upmove to extend gain towards 182.00, reckon this wave v would be limited to 183.95-00 (50% Fibonacci retracement of wave (III)

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 29 14 11:32 GMT

As the greenback has continued to edge higher on dollar's broad-based weakness especially against European currencies, adding credence to our bullish view that medium term upmove from 75.31 is still in progress in wave v and further gain to 110.15-20 (61.8% projection of 77.14-103.74 measuring from 93.75) would be seen, however, near term overbought condition should limit upside to 110.50-60 and reckon 111.00 would hold

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 29 14 11:27 GMT

The single currency only recovered to 1.2901 before meeting renewed selling interest there and the pair has slipped again since, adding credence to our bearish count that top has been formed at 1.3993 earlier in May and the decline from there could well be the beginning of wave 3, indicated downside targets at 1.2745-55 and 1.2650 had been met, bearishness remains for further weakness to 1.2590-00 and then 1.2550

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 25 14 10:48 GMT

Euro's selloff after meeting renewed selling interest at 0.8066 signals early decline from 0.8815 top has resumed and downside bias is seen for further weakness to key support at 0.7756, however, a daily close below there is needed to retain bearishness and signal medium term decline from 0.9805 has resumed for further weakness to 0.7700, then towards 0.7650

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 25 14 10:41 GMT

As the greenback has risen again after finding renewed buying interest at 1.0887 last week, retaining our bullishness for recent upmove from 1.0621 low (formed back in July) to extend further gain towards further gain to 1.1190-00. Having said that, a break of resistance at 1.1279 is needed to indicate upmove from 0.9407 has resumed in wave v for headway to 1.1300 and possibly towards 1.1385-90

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 24 14 10:30 GMT

Despite rebounding to 1.2119 earlier this month, as the single currency met renewed selling interest there as expected and has retreated again, retaining our view that near term downside risk remains recovered after recent decline to extend weakness towards 1.2030, however, as broad outlook is still consolidative, reckon downside would be limited and price should stay well above SNB's minimum rate at 1.2000

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 24 14 10:21 GMT

The Australian dollar met renewed selling interest at 0.9112 last week and continued to head south, the breach of previous support at 0.8890 adds credence to the view that rebound from 0.8660 has ended at 0.9505 and bearishness remains for the fall from 0.9505 to extend weakness to 0.8800-10, however, oversold condition should prevent sharp fall below 0.8740-50 and reckon said recent low at 0.8660 would hold

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 23 14 10:09 GMT

The British pound found good support at 1.6052 and has rebounded in part due to the Scottish "No" vote outcome, suggesting first leg of decline from 1.7192 top has ended there, hence consolidation above this level would take place for the the next 1-2 weeks, above last week's high of 1.6525 would bring a stronger recovery to 1.6570, then 1.6620-25 (50% Fibonacci retracement of 1.7192-1.6052), however, reckon resistance at 1.6644 would hold and bring another decline later.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 23 14 09:52 GMT

Sterling's rebound from 1.4974 turned out to be much stronger than expected and previous resistance at 1.5433 was penetrated last week, suggesting recent upmove is still in progress and may extend gain to wave A top at 1.5485 but break there is needed to retain bullishness and signal early rise from 1.1470 low has resumed for headway to 1.5700 and possibly towards psychological resistance at 1.6000.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 22 14 10:52 GMT

As the greenback has surged again after brief pullback to 106.81, adding credence to our bullish view that medium term upmove from 75.31 is still in progress in wave v and indicated upside targets at 108.00 and 109.00-10 had been met, bullishness remains for further gain to 110.15-20 (61.8% projection of 77.14-103.74 measuring from 93.75), however, near term overbought condition should limit upside to 110.50-60

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 22 14 10:38 GMT

The single currency has fallen again after meeting renewed selling interest at 1.2995, adding credence to our bearish count that top has been formed at 1.3993 earlier in May and the decline from there could well be the beginning of wave 3, hence further weakness to previous support at 1.2745-55 would be seen, break there would extend fall towards 1.2650 and possibly 1.2590-00

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 19 14 10:57 GMT

Although the single currency surged to as high as 141.23 today, the quick retreat from there suggests consolidation below this level would be seen and pullback to 139.15-20 (38.2% Fibonacci retracement o 135.82-141.23) cannot be ruled out, however, reckon 138.45-50 would limit downside and bring another rise later, a break of said resistance would extend recent rise from 135.73 towards 141.85-90

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 19 14 10:50 GMT

As the greenback has risen again this week, adding credence to our view that the rise from 0.8699 low is still in progress and upside bias remains for this move to bring at least a strong retracement of early decline, indicated initial upside target at 0.9400-05 (61.8% Fibonacci retracement of 0.9839-0.8699) had been met and further gain to previous resistance at 0.9456, then 0.9500 would be seen

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 18 14 10:34 GMT

Failure to extend early rebound and the subsequent stronger-than-expected retreat from 0.8066 suggests recent decline has resumed and retest of 0.7874 support is likely, however, break there is needed to confirm this view and extend weakness to 0.7850 and possibly towards 0.7800-10, having said that, as this move is viewed as a minor wave v of recent selloff, reckon downside would be limited to key support at 0.7756, price should stay above  0.7700-10

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 18 14 10:28 GMT

Although the greenback has retreated after rising to 1.1099 earlier this week and initial consolidation below this level cannot be ruled out, reckon downside would be limited to 1.0920-30 and bring another rise later, above said resistance would extend the upmvoe from 1.0621 low (formed back in July) for further gain to 1.1190-00. Looking ahead, a break of said resistance at 1.1279 would indicate upmove from 0.9407 has resumed in wave v for headway to 1.1300 and possibly towards 1.1385-90

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 17 14 10:29 GMT

As the Australian dollar has rebounded after falling to 0.8984 earlier this week, suggesting minor consolidation would be seen and recovery to 0.9140-45 (38.2% Fibonacci retracement of 0.9402-0.8984) is likely, however, reckon 0.9190-95 (50% Fibonacci retracement) would limit upside and bring another decline later. A break of said support at 0.8984 would extend the decline from 0.9505 top to 0.8920-25, then towards previous support at 0.8890

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Sep 17 14 10:12 GMT

Although the single currency rebounded after falling to 1.4037 earlier this month, as euro met resistance at 1.4388 and has retreated again, suggesting downside risk remains and below 1.4115-20 would bring retest of said support at 1.4037, once this support is penetrated, this would signal recent decline from 1.5586 top is still in progress and bring retracement of early upmove to 1.3950-60

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