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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/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 05 16 12:06 GMT

Although the single currency staged a strong rebound after finding support at 0.7735 last week, if our view that top has been formed at 0.8117 is correct, upside should be limited and 0.7947-50 would hold, bring retreat later, below 0.7800 would suggest the rebound from 0.7735 has ended and bring another test of this level, break there would add credence to this view, bring retracement of recent upmove to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 05 16 12:01 GMT

Despite falling to 1.2461 earlier this week, as the greenback found good support there and has staged a strong rebound, suggesting a temporary low has possibly been formed there and consolidation with mild upside bias is seen for test of 1.2900-10, then towards key level at 1.2990-00 (previous resistance and psychological level), however,

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 04 16 11:58 GMT

Although the single currency has maintained a firm undertone after staging a strong rebound from 1.0843 (last month's low) and near term upside risk remains for marginal gain to resistance at 1.1025, as broad outlook is consolidative, reckon upside would be limited to 1.1050-55 (61.8% Fibonacci retracement of 1.1201-1.0810) and price should falter below 1.1095-00, bring another decline later.

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 04 16 11:48 GMT

Aussie did meet renewed selling interest at 0.7720 and has slipped again after RBA, adding credence to our view that a temporary top has possibly been formed at 0.7835 last month and our short position entered at 0.7680 met indicated downside target at 0.7480 today (with 200 points profit), this anticipated retreat suggests further consolidation would be seen with downside bias for at least a retracement of the rise from 0.6827 low to

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 03 16 09:47 GMT

Sterling staged a stronger-than-expected rebound to as high as 1.4215 last week, suggesting a temporary low has been formed at 1.3415 and although price has retreated from 1.4215, reckon downside would be limited to 1.3810-15 (50% Fibonacci retracement of 1.3415-1.4215) and reckon 1.3720-25 (61.8% Fibonacci retracement) would hold, bring another rebound later, above said resistance at 1.4215 would extend gain towards

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 02 16 12:03 GMT

The single currency found decent demand at 1.1215 and has resumed recent rise from 1.0523, suggesting bullishness remains for this rise to extend further gain to 1.1550-60 and then 1.1595-00, however, as broad outlook remains consolidative, reckon upside would be limited to 1.1650 and price should falter below previous chart resistance at 1.1714 (tentatively a leg top), bring retreat later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | May 02 16 11:56 GMT

The greenback ran into heavy offers just below 112.00 level and dropped sharply from 111.91, price then broke below support at 107.63, suggesting the major fall from 125.86 top is still in progress and may extend weakness to 105.70-75 (123.76-110.67 measuring from 113.80 and 100% projection of 113.80-107.63 measuring from 111.91), then towards 105.00, however,

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 29 16 11:36 GMT

The single currency ran into heavy offers at 126.47 late last week and tumbled from there on yen's broad-based strength, suggesting rebound from 121.71 has ended there and medium term downtrend should resume for retest of said support, break there would extend the major fall from 149.79 top to 121.00, then 120.50, however, near term oversold condition should prevent sharp fall below

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 29 16 11:29 GMT

The greenback met renewed selling interest at 0.9797 late last week and dropped sharply from there on dollar's broad-based weakness, suggesting the rebound from 0.9499 has ended there, hence consolidation with downside bias is seen for test of previous support at 0.9585, however, break there is needed to add credence to this view and extend fall to 0.9540-50, then

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 28 16 11:47 GMT

As the single currency recovered after falling to 0.7735, suggesting minor consolidation would be seen and initial rebound to 0.7850-60 is likely, however, reckon 0.7880-85 would limit upside and bring another decline later, break of said support at 0.7735 would extend the fall from 0.8117 top to 0.7680-85 (38.2% Fibonacci retracement of 0.6983-0.8117), then towards

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 28 16 11:39 GMT

As the greenback has fallen again after brief recovery, suggesting the reversal from 1.4690 top (tentatively wave (3) top) is still in progress and further weakness to 1.2500 and then 1.2400-10 would be seen, however, loss of near term downward momentum should prevent sharp fall below 1.2300-05 (50% projection of 1.4690-1.2857 measuring from 1.3219) and reckon

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 27 16 11:22 GMT

The single currency has fallen again after meeting renewed selling interest at 1.4680 last week, suggesting the reversal from 1.6106 top is still in progress and may extend weakness to 1.4170-75 (50% projection of 1.6106-1.4389 measuring from 1.5030), then 1.4100, however, near term oversold condition should limit downside to previous support at 1.4034 and reckon psychological support at 1.4000 would limit downside

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 27 16 11:07 GMT

As aussie has retreated after rising to 0.7835 late last week, suggesting a temporary top has possibly been formed there and consolidation with mild downside bias is seen for weakness to 0.7500-10 (38.2% Fibonacci retracement of 0.6974-0.7835), then towards previous support at 0.7477

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 26 16 11:38 GMT

Cable only eased to 1.4299 before finding renewed buying interest and sterling surged again from there, indicated previous resistance at 1.4515 was breached, adding credence to our view that the erratic rise from 1.3836 low is still in progress and may bring retracement of medium term decline to 1.4585-90 (50% Fibonacci retracement of 1.5336-1.3836), then towards previous resistance at

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 26 16 11:26 GMT

As sterling has staged a strong rebound after holding above recent low at 151.70, suggesting a temporary low possibly been formed there and consolidation with mild upside bias is seen for test of 162.55 resistance but break there is needed to add credence to this view, bring a stronger rebound for retracement of recent decline to

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 25 16 14:22 GMT

Although the single currency recovered initially last week, renewed selling interest emerged at 1.1399 and price has slipped again since, retaining our view that further consolidation below recent high at 1.1465 would be seen mild downside bias remains for correction to 1.1200, however, reckon 1.1143-44 (50% Fibonacci retracement of 1.0825-1.1465 and previous support) would limit downside

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 25 16 14:14 GMT

Last week's late rebound suggests a temporary low has been formed at 107.63 earlier this month and consolidation with mild upside bias is seen for retracement of recent decline and gain to 112.50 is likely, however, reckon upside would be limited to 113.00 (38.2% Fibonacci retracement of 121.69-107.63) and price should falter below

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 22 16 11:47 GMT

As the single currency has staged a strong rebound after falling to 121.71 earlier this week, suggesting consolidation above this level would be seen and mild upside bias is for gain to 125.50, then 125.70-75 (61.8% Fibonacci retracement of 128.23-121.71), then 126.00-10, however, above 126.90-00 is needed to signal low has indeed been formed, bring a stronger rebound to 127.50, then towards

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 22 16 11:39 GMT

As the greenback found renewed buying interest at 0.9585 and has staged a strong rebound this week, suggesting a temporary low has been formed at 0.9499 earlier this month and consolidation with mild upside bias is seen for gain towards 0.9787-96 (previous resistance and 50% Fibonacci retracement of 1.0093-0.9499), however, break there is needed to add credence to this view, bring further subsequent gain towards

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Apr 21 16 11:43 GMT

The single currency finally retreated after rising to 0.8117 earlier this month, retaining our view that consolidation below this level would be seen and near term downside bias is seen for retracement to 0.7830 support, break there would add credence to this view, bring further weakness to 0.7800, then test of support at 0.7774, however, a daily close below there is needed to provide confirmation

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