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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 | Jul 25 14 10:25 GMT

The single currency did meet renewed selling interest at 138.45 (we recommended to sell at 138.25 in our previous update made on 11 July and a short position was entered) and has fallen again since, adding credence to our view that the fall from 143.79 is still in progress, hence further weakness to previous support at 136.23 would be seen, however, a break there is needed to reinforce our bearish count that top has been formed at 145.69 (2013)

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 25 14 10:18 GMT

The greenback finally broke above previous resistance at 0.9037, adding credence to our view that the erratic rise from 0.8699 low is still in progress for retracement of early decline to resistance at 0.9082, a daily close above there would signal recent decline has ended earlier at 0.8699, bring a stronger rebound towards tough resistance at 0.9192-0.9201 later

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 24 14 11:19 GMT

As euro has recovered after yesterday's brief fall to 0.7874, suggesting minor consolidation would be seen and recovery to 0.7980 cannot be ruled out, however, reckon resistance at 0.8034 would limit upside and bring another decline later. A break of said support would signal the decline from 0.8815 top is still in progress and extend further weakness to 0.7850-60, however, reckon downside would be limited to 0.7800-10 and risk rebound from there

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 24 14 11:14 GMT

Although the greenback rebounded earlier this month to 1.0794, the subsequent retreat has retained our view for recent decline to resume after consolidation, break of support at 1.0621 (this month's low) would extend recent decline from 1.1279 for weakness to strong support at 1.0582-88, however, a daily close below there is needed to provide confirmation that the c leg rise from 0.9633 has ended at 1.1279, bring subsequent fall to 1.0500 and possibly towards 1.0450-60

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 23 14 10:30 GMT

Although aussie has rebounded again after holding above indicated previous support at 0.9322 and test of recent high of 0.9505 cannot be ruled out, however, only break there would signal recent upmove has resumed and extend further gain to previous resistance at 0.9543, above there would encourage for headway to 0.9620-25 (50% Fibonacci retracement of the intermediate fall from 1.0582-0.8660) but overbought condition should limit upside to 0.9690-00

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 23 14 09:59 GMT

 

The single currency met renewed selling interest at 1.4653 last week and has fallen again, adding credence to our bearishness for the fall from 1.5586 top to bring a stronger retracement of recent upmove towards 1.4365-70 (1.618 times projection of 1.5586-1.5505 measuring from 1.5306), however, loss of downward momentum should prevent sharp fall below 1.4270 (50% Fibonacci retracement of 1.2954-1.5586) and reckon 1.4190-00 would hold

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 22 14 08:44 GMT

As the British pound has retreated after last week's marginal rise to 1.7192, suggesting consolidation below this level would be seen and pullback towards 1.7000 cannot be ruled out before prospect of another rally, above said resistance would extend recent upmove in wave (C) of the (A)-(B)-(C) wave 4 correction to 1.7250, then towards the equality projection level of wave (A) at 1.7333. Having said that, sharp move beyond there should not be repeated

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 22 14 08:32 GMT

The British pound broke above previous resistance at 174.85 earlier this month, adding credence to our view that medium term upmove has resumed and although price has retreated from 175.35, reckon support at 172.40 would hold and bring another rise later, above last week's high at 174.55 would bring retest of said resistance at 175.35, break there would extend headway in wave v towards 177.00 but this wave v of larger degree wave c should be limited to 180.00

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 21 14 10:00 GMT

Despite rebounding to 101.79 initially last week, as the greenback met renewed selling interest there and has fallen again, suggesting near term downside risk remains and marginal weakness below this month's low at 101.07 cannot be ruled out, however, only a drop below indicated support at 100.76-82 would justify our count that the wave c of major correction from 105.44 (wave V top) has commenced for retracement of early upmove to psychological support at 100.00

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 21 14 09:52 GMT

Despite rebounding to 1.3700 earlier this month, the single currency met renewed selling interest there and has fallen again, price broke below previous support at 1.3503 last week, adding credence to our bearish count that top has been formed at 1.3993 and downside bias remains for the decline from there to bring a test of previous support at 1.3477, a daily close below this level would provide confirmation that the entire rise from 1.2042 (2012 low) has ended at 1.3993

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 11 14 09:19 GMT

Euro met renewed selling interest at 139.28 last week and finally broke below indicated support at 137.71 (last month's low), adding credence to our bearish view and signals the fall from 143.79 is still in progress, hence further weakness to 136.90-00 and possibly 136.50 would be seen, however, break of previous support at 136.23 is needed to reinforce our bearish count that top has been formed at 145.69 (2013) and another leg of major correction from there is unfolding for weakness to 135.50

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 11 14 09:10 GMT

Last week's rebound from 0.8856 to 0.8959 suggests consolidation with mild upside bias would be seen and above 0.8975 would bring test of 0.9013 minor resistance but break of latter level is needed to confirm correction from 0.9037 has ended and signal the erratic rise from 0.8699 low has resumed for retracement of early decline to resistance at 0.9082, a daily close above there would signal recent decline has ended

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 10 14 10:28 GMT

Although euro has recovered after falling to 0.7915 last week and consolidation above this level would be seen with initial upside bias, reckon resistance at 0.8034 would limit upside and bring another decline later. A break of said support would signal the decline from 0.8815 is still in progress and extend further weakness to 0.7900 and possibly towards 0.7850-60, however, reckon downside would be limited to 0.7800-10 and risk rebound due to loss of near term downward momentum

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

Although near term sideways trading above last week's low of 1.0621 is likely to continue and recovery to 1.0740-50 cannot be ruled out, bearishness remains for recent decline from 1.1279 to resume after consolidation, break of said support would extend weakness to strong support at 1.0582-88, however, a daily close below there is needed to provide confirmation that the c leg rise from 0.9633 has ended at 1.1279, bring subsequent fall to 1.0500 and possibly towards 1.0450-60

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 09 14 10:33 GMT

Although aussie has recovered from 0.9330, last week's sharp retreat from 0.9505 suggests a temporary top is possibly formed there and consolidation below this level would be seen, as long as said resistance at 0.9505 holds, risk of another fall to 0.9322 support cannot be ruled out, a daily close below there would add credence to this view, bring retracement of recent upmove to 0.9250 but it is necessary to see a breach of support at 0.9203 to provide confirmation, bring correction of recent upmove to 0.9135-40

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 09 14 10:23 GMT

Although the single currency has recovered after falling to 1.2134 earlier last week and consolidation above this level is in store, reckon 1.2200 would limit upside and near term downside risk remains for the fall from 1.2250 to extend weakness towards previous support at 1.2104 but break there is needed to signal the fall from 1.2394 has resumed and may extend marginal weakness towards 1.2050-60

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 08 14 10:08 GMT

Although cable has eased after rising marginally to 1.7180 (exactly 50% projection of 1.4814-1.6669 measuring from 1.6252) late last week and minor consolidation below this level would be seen, pullback should be limited to 1.7040-50 and bring another rise later, above said resistance at 1.7180 would extend recent upmove in wave (C) of the (A)-(B)-(C) wave 4 correction to 1.7250, then towards the equality projection level of wave (A) at 1.7333.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 08 14 10:02 GMT

Although the British pound extended recent anticipated upmove to as high as 1.5368 last week and gain to 1.5340-50 cannot be ruled out, loss of near term upward momentum should prevent sharp move beyond 1.5400-10 and reckon price would falter below previous chart resistance at 1.5486 (wave A top), bring retreat later this month or in late Q3.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 07 14 13:56 GMT

Despite last week's initial fall to 101.24, the subsequent strong rebound suggest the retreat from 102.80 has possibly ended there and test of resistance at 102.35 cannot be ruled out, however, a daily close above there is needed to add credence to this view and bring another rebound to said resistance. Once this level is penetrated, this would extend the rebound from 100.82 to previous resistance at 103.02, break there would signal the fall from 104.13 has ended at 100.82 and encourage for gain to 103.75-80

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 07 14 09:56 GMT

Although the single currency edged higher initially last week to 1.3700 (missed our short entry at 1.3730), the subsequent retreat has retained our bearishness and suggests the rebound from 1.3503 has possibly ended there, hence consolidation with downside bias remains for weakness towards said support, break there would extend recent selloff from 1.3993 top for a test of previous support at 1.3477, a daily close below this level would add credence to our view that the entire rise from 1.2042 (2012 low) has ended at 1.3993

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