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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.


USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 26 15 10:47 GMT

The greenback found good support at 115.85 and has rebounded, retaining our view that further consolidation within 115.57-121.85 range would be seen with initial mild upside bias for another bounce to 119.00 and possibly towards 119.96-00. Having said that, a break of resistance at 120.83 is needed to signal correction from 121.85 has ended bring retest of this level, above there would signal medium term upmove has resumed for gain to 122.50-60

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 26 15 10:43 GMT

The single currency only recovered to 1.1680 before meeting renewed selling interest there and euro dropped again from there to as low as 1.1098 earlier today, suggesting recent wave 3 selloff is still in progress and bearishness remains for the major fall from 1.6040 top to extend weakness to 1.1095 (100% projection of 1.4940-1.2042 measuring from 1.3993), then 1.1050, however, oversold condition should limit downside to 1.1000

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 23 15 10:49 GMT

The single currency only recovered to 137.64 before running into renewed selling interest (we recommended to sell at 138.50) and price fell through our indicated downside target at 134.14 and this anticipated breach of previous support adds credence to our view that wave v has ended at 149.79 and major correction of early upmove has commenced for further weakness to 132.00 and later psychological support at 130.00

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 23 15 10:43 GMT

The greenback traded in relatively narrow range after last week's volatile price action caused by SNB, in our previous update we stated that the selloff from 1.0296 signals the A-B-C correction from record low of 0.7068 has ended there, however, as dollar quickly rebounded over 1400 points from 0.7401, suggesting this sharp but brief drop could well be a wave X, hence consolidation above this level would be seen for several months

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 22 15 11:15 GMT

Last week's selloff signals recent decline is still in progress and may extend further weakness to 0.7550, then towards 0.7500, however, loss of downward momentum should prevent sharp fall below 0.7450 and reckon 0.7400 would hold from here, 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 | Jan 22 15 11:10 GMT

Despite last week's brief retreat to 1.1803, as the greenback found renewed buying interest there and has surged again, suggestinng recent upmove is still in progress and indicated upside targets at 1.2050 and 1.2130-40 (2 times extension of wave a measuring from wave b at 0.9633) had been met, current firmness suggests this wave c may extend further gain to 1.2400, however, overbought condition should limit upside to 1.2500

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 21 15 10:41 GMT

As the single currency has rebounded after falling to 1.3754 late last week, suggesting minor consolidation above this level would be seen and recovery to 1.4100 cannot be ruled out, however, reckon last week's high at 1.4190 would limit upside and bring another decline later, a break of said support at 1.3754 would signal recent fall from 1.5586 (wave (A) top) has resumed and extend weakness to 1.3700 and later towards 1.3600

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 21 15 10:33 GMT

Although the Australian dollar rebounded after finding support at 0.8068 last week, as 0.8295 capped aussie's upside, retaining our bearishness for recent decline to resume after consolidation, break of said support at 0.8068 would bring retest of recent low at 0.8033, however, break there is needed to signal recent decline from 1.1081 top has resumed as A-B-C-X-A-B-C and 2nd wave C is unfolding for test of psychological support at 0.8000

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 20 15 11:34 GMT

As the British pound has continued to trade with a soft tone, bearishness remains for recent decline from 1.7192 top (tentatively wave (C) peak) to extend further weakness to psychological support at 1.5000, however, near term oversold condition should prevent sharp fall below 1.4940-50 and reckon previous chart support at 1.4814 would hold from here, risk from there has increased for a corrective rebound to take place later.

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 20 15 11:31 GMT

Sterling only recovered to 180.90 before falling again and the pair fell to as low as 175.85 before rebounding, suggesting consolidation with initial mild upside bias would be seen and another bounce to 180.90 cannot be ruled out, however, reckon upside would be limited to 181.60-65 (previous support) and renewed selling interest should emerge below 183.00, bring another decline later. A break of said support at 175.85 would signal the fall from 189.70 top (tentatively wave v of c) is still in progress

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 19 15 10:05 GMT

Although the greenback retreated after meeting resistance at 120.83 earlier and slipped to as low as 115.85 late last week, as long as indicated previous support at 115.57 holds, further consolidation within 115.57-121.85 range would be seen with mild upside bias for another bounce to 119.00 and possibly towards 119.96-00. Having said that, a break of resistance at 120.83 is needed to signal 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 | Jan 19 15 10:01 GMT

Although the single currency dropped again last week after brief recovery and hit a low of 1.1460 on Friday, as euro found support there and has rebounded, suggesting 1-2 weeks of consolidation above this level would be seen and recovery to 1.1720-30, then 1.1790-00 cannot be ruled out, however, reckon resistance at 1.1871 would limit upside and bring another decline later.

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 16 15 10:52 GMT

The single currency dropped again after minor recovery and as price has remained under pressure, suggesting the decline from 149.79 top is still in progress (indicated downside targets at 140.00, 139.00 and 138.00 had been met) and we are keeping our view that top has been formed at at there and downside bias remains for this decline to bring retracement of early upmove towards previous support at 134.14.

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 16 15 10:41 GMT

Although the greenback recovered after finding support around 1.0033, renewed selling interest did emerge at 1.0240 (we recommended in our previous update to sell at 1.0230), price then tumbled from there in line with our bearish expectation (we must say we never anticipated it was caused by SNB), our downside target at 1.0030 was quickly met and Swissy nose-dived to as low as 0.7401 yesterday before rebounding.

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 15 15 08:51 GMT

Although the single currency met renewed selling interest at 0.7875 and has resumed recent decline for weakness to 0.7000, loss of downward momentum should prevent sharp fall below there and reckon 0.7600 would hold from here, risk from there has increased for a corrective rebound to take place later. We are keeping our count that the major (A)-(B)-(C)-(X)-(A)-(B)-(C) correction is unfolding with first (A)-(B)-(C) ended at 0.7756, followed by wave (X) at 0.8815

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 15 15 08:39 GMT

As the greenback has maintained a firm undertone after recent rally, suggesting recent upmove is still in progress and bullishness remains for the major rise from 0.9407 low (wave B trough) to extend further gain in wave c to 1.2050 and possibly towards 1.2130-40 (2 times extension of wave a measuring from wave b at 0.9633), however, overbought condition should limit upside and reckon 1.2200-10 would hold from here

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 14 15 09:49 GMT

As the single currency has remained under pressure after retreating sharply from 1.2097 (last month's high), suggesting downside risk remains for recent decline to extend marginal weakness, however, as broad outlook is still consolidative, reckon downside would be limited and price should stay above SNB's minimum rate at 1.2000, the pair should stage another rebound from there later. Above 1.2050 would suggest low is possibly formed and bring another test of said resistance at 1.2097

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 14 15 09:46 GMT

Although the Australian dollar recovered to 0.8255 earlier this week, renewed selling interest emerged there and aussie has retreated, retaining our bearishness for recent decline to resume after consolidation, break of last week's low at 0.8033 would add credence to our bearish count that decline from 1.1081 top is still in progress as A-B-C-X-A-B-C and 2nd wave C is unfolding for test of psychological support at 0.8000

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 13 15 10:02 GMT

As the British pound has remained under pressure after recent selloff to 1.5034, suggesting recent decline from 1.7192 top (tentatively wave (C) peak) is still in progress and may extend weakness to psychological support at 1.5000, however, near term oversold condition should prevent sharp fall below 1.4940-50 and reckon previous chart support at 1.4814 would hold from here, risk from there has increased for a corrective rebound to take place later.

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 13 15 09:56 GMT

Despite rising to 1.5530 earlier this month, as the British pound has retreated after faltering below recent high at 1.5536, suggesting further consolidation below this level would be seen and test of support at 1.5250-55 cannot be ruled out, however, a daily close below there is needed to prolong consolidation within recent established range of 1.4943-1.5536, bring weakness to 1.5200, then 1.5100-10, however, downside should be limited to 1.5000 and said support at 1.4943 should remain intact, bring another rise later.

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