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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 | Mar 06 15 11:14 GMT

The single currency has continued to trade lower after breaking below last week's low at 133.44 and broke below previous support at 132.22, signaling the rebound from 130.15 has ended at 136.69 and bearishness is seen for weakness to 131.00, then retest of 130.15, however, break there is needed to confirm the major fall from 149.79 top has resumed for weakness to psychological support at 130.00

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 06 15 11:00 GMT

The greenback has continued to move higher after recent rally, adding credence to our view that recent rise from 0.7401 (January's low) is still in progress and indicated upside target at 0.9550 and 0.9600-10 had been met, we are keeping our view that the fall from 1.0296 has ended at 0.7401 as wave X, hence consolidation with mild upside bias remains for gain to 0.9800 and possibly 0.9900-10

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 05 15 10:17 GMT

As the single currency has remained under pressure, adding credence to our view that recent decline in wave iii is still in progress and indicated targets at 0.7300 and 0.7260-65 (1.618 times projection of 0.7875-0.7595 measuring from 0.7714) had been met and further fall to 0.7200 and then 0.7150 would be seen, however, loss of downward momentum should limit downside to 0.7100, risk from there has increased for a corrective rebound to take place later.

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 05 15 10:11 GMT

As the greenback has retreated after meeting resistance at 1.2565 earlier this week, retaining our view that further consolidation below 1.2698 would be seen, however, price needs to penetrate indicated support at 1.2352-63 to signal a temporary top has been formed at 1.2799 back in January, bring retracement of recent upmove to 1.2325-30 (38.2% Fibonacci retracement of 1.1565-1.2799), then 1.2250

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 04 15 10:00 GMT

Although aussie retreated after early rebound to 0.7913, as long as indicated support at 0.7739 holds, consolidation with upside bias remains for another bounce, above said resistance would add credence to our view that further consolidation above recent low at 0.7626 would be seeen and mild upside bias remains for a test of 0.7960-65 (50% Fibonacci retracement of 0.8295-0.7626), then towards 0.8025-39

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 04 15 09:57 GMT

Although the single currency extended recent rise to 1.0812, as price has retreated from there since, suggesting minor consolidation below this level would be seen and another pullback to 1.0611 support cannot be ruled out, however, reckon downside would be limited to 1.0550 and bring another rise later, above said resistance at 1.0812 would extend the strong rebound from 0.8426 low (tentatively wave 5 trough) to 1.0900 and possibly towards 1.1000.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 03 15 10:32 GMT

The British pound ran into resistance at 1.5552 (exactly 38.2% Fibonacci retracement of 1.6525-1.4951) in line with our expectations (we recommended in our previous update made on 24 Feb to sell at 1.5550) and has retreated, suggesting the rebound from 1.4951 has formed a temporary top there and consolidation with mild downside bias remains for test of support area at 1.5316-33, however, a daily close below there is needed to add credence to ths view, bring further weakness to 1.5197-5209

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 03 15 10:25 GMT

As sterling has eased after rising to 185.00 late last month and initial consolidation below this level would be seen, pullback to 183.50-55 cannot be ruled out, reckon downside would be limited too 182.60-65 and support at 181.70 should hold, bring another rise later. Above said resistance at 185.00 would signal recent rise from 175.50 is still in progress and may extend gain to 186.00, then 187.00

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 02 15 10:37 GMT

Although the greenback has rebounded again after finding support at 118.63 and gain to resistance at 120.48 cannot be ruled out, only a break of another previous resistance at 120.83 would signal the correction from 121.85 has ended, bring retest of this level, above there would confirm medium term upmove has resumed for gain to 122.50-60, having said that, loss of near term upward momentum should prevent sharp move beyond 123.20-25

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Mar 02 15 10:32 GMT

Last week's breach of indicated support at 1.1270 suggests the rebound from 1.1098 has ended at 1.1534 earlier and retest of recent low at 1.1098 cannot be ruled out, however, a break this level is needed to confirm recent decline has resumed and extend weakness to 1.1050, then 1.1000, however, oversold condition should limit downside to 1.0945-50

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 27 15 11:25 GMT

The single currency slipped this week and weakness to 133.50 cannot be ruled out, however, downside should be limited to 133.00 and as long as 132.20-25 holds, upside risk remains for another corrective bounce, above 135.35-40 would bring another corrective rise to 136.69 resistance, however, reckon upside would be limited to resistance at 137.64 and 138.65-70 (50% Fibonacci retracement of 147.22-130.15) should hold, bring another decline later.

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 27 15 11:16 GMT

The greenback has maintained a firm undertone, adding credence to our view that recent rise from 0.7401 (last month's low) is still in progress and indicated upside target at 0.9390-00 and 0.9450 had been met, we are keeping our view that the fall from 1.0296 has ended at 0.7401 as wave X, hence consolidation with mild upside bias remains for gain to 0.9550 and possibly 0.9600-10

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 26 15 09:45 GMT

The single currency has fallen again after meeting renewed selling interest at 0.7429 and near term downside bias remains for recent decline in wave iii to extend further weakness, indicated initial downside target at 0.7365-70 (1.236 times projection of 0.7875-0.7595 measuring from 0.7714) had been met and further fall to 0.7300 and then 0.7260-65 (1.618 times projection) would be seen, however, loss of downward momentum should limit downside to 0.7190-00

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 26 15 09:38 GMT

Although the greenback staged a rebound to 1.2664 earlier this week, as renewed selling interest emerged there and price has retreated in line with our near term bearish expectations, retaining our view that further consolidation below 1.2698 would be seen, price almost reached our target at 1.2400 as the pair fell to 1.2401 yesterday. Having said that, price needs to penetrate indicated support at 1.2352-63 to signal a temporary top has been formed at 1.2799 last month

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 25 15 10:18 GMT

Aussie found renewed buying interest at 0.7739 yesterday and has rebounded again, retaining our view that further consolidation above recent low at 0.7626 would be seen and mild upside bias remains for a test of 0.7960-65 (50% Fibonacci retracement of 0.8295-0.7626), then towards 0.8025-39 (previous resistance and 61.8% Fibonacci retracement). Having said that, a daily close above latter level is needed to provide confirmation that a temporary low has been formed at 0.7626

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 25 15 10:10 GMT

Although the single currency retreated from 1.4491, as 1.4057 (last week's low) has contained euro's downside, further consolidation is in store and as long as this support holds, mild upside bias remains for another rebound, above 1.4330-35 would bring test of said resistance at 1.4491 but break there is needed to add credence to our view that temporary low has been formed at 1.3754 last month, bring test o f previous resistance at 1.4645.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 24 15 11:42 GMT

The British pound has maintained a firm undertone after staging a rebound from recent low at 1.4951, retaining our view that further consolidation would be seen with initial upside bias for retracement of recent decline to 1.5525-30 (38.2% Fibonacci retracement of 1.6460-1.4951) but renewed selling interest should emerge around 1.5550-55 (38.2% Fibonacci retracement of 1.6525-1.4951), bring another decline later. A break of 1.5316-33 support would suggest top is possibly formed

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 24 15 11:36 GMT

The British pound has maintained a firm undertone after staging a strong rebound from 0.9106, we are keeping our view that wave 5 as well as circle wave V has ended there and 1-2 years of consolidation would be seen with upside bias for the major correction to take place, indicated initial upside targets at 1.4300 and 1.4500 had been met and bullishness remains for further gain to 1.4750 and then 1.4900, however, reckon upside would be limited to psychological resistance at 1.5000.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 23 15 10:18 GMT

Despite early anticipated rebound to 120.48, the subsequent retreat after faltering below resistance at 120.83 has retained our view that further consolidation within recent established range of 115.57-121.85 would be seen and initial weakness to 117.90-00 cannot be ruled out, however, reckon downside would be limited to 117.10-20 and support at 116.78 should hold, bring another rebound later. Looking ahead, only a break of resistance at 120.83 would signal the correction from 121.85 has ended, bring retest of this level

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 23 15 10:13 GMT

Euro's near term sideways trading is likely to continue and although initial weakness to 1.1270 support cannot be ruled out, however, reckon 1.1200 would limit downside and bring another rebound later, above 1.1450 would bring test of 1.1534 resistance but reckon upside would be limited to 1.1660-80 (38.2% Fibonacci retracement of 1.2570-1.1098 and previous resistance) and bring another selloff later. A daily close above this area would defer and risk a stronger rebound to 1.1750 and possibly towards 1.1830-35

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