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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 | Nov 21 14 11:12 GMT

The single currency has finally retreated after rising to 149.14 yesterday, suggesting the minor wave iii has ended there and consolidation below this level is seen with mild downside bias for retracement of recent upmove in wave iv to 145.60-65, then 145.00, however, reckon downside would be limited to 144.50-55 (38.2% Fibonacci retracement of 137.04-149.14) and renewed buying interest should emerge around 143.00-10 (50% Fibonacci retracement) and price should stay above 142.09-18

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 21 14 11:02 GMT

Despite retreating to 0.9531, as the greenback found renewed buying interest there as expected (we recommended in our previous update made last week to buy at 0.9540) and has rebounded, retaining our bullishness for recent upmove to resume after consolidation, break of resistance area at 0.9742-52 would extend medium term uptrend to 0.9800-10 and possibly 0.9850

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 20 14 10:10 GMT

The single currency found good support at 0.7799 and has staged the anticipated rebound to 0.8039 yesterday, adding credence to our bullishness and our long position entered at 0.7830 finally met our indicated target at 0.8030 with 200 points profit (equivalent to over 310 points profit in EUR/USD), having said that, a sustained breach above indicated resistance area at 0.8047-66 is needed to provide confirmation that low has been formed at 0.7766 earlier

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 20 14 10:00 GMT

Although the greenback has rebounded after finding support at 1.1260, a sustained breach above 1.1400-05 is needed to signal the pullback from 1.1467 has ended there and bring retest of this level, once this resistance is penetrated, this would extend recent upmove in wave c to 1.1500 and possibly 1.1550, having said that, as this move is viewed as the final phase of this wave c (i.e. minor wave v), reckon upside would be limited to 1.1650-60

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 19 14 11:22 GMT

As the single currency has continued to find buying interest around support at 1.4036 and has recovered, retaining our view that further consolidation above recent low at 1.4012 would be seen and another bounce to 1.4340-45 cannot be ruled out, however, reckon upside would be limited to 1.4400-10, price should falter below resistance at 1.4501 and bring another decline. A daily close below 1.4036 would bring retest of said recent low at 1.4012

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 19 14 11:18 GMT

Although aussie rebounded after falling to 0.8541 earlier this month, as the pair met renewed selling interest at 0.8796 and has retreated, retaining our bearishness for another test of said support, break there would signal medium term decline has resumed and extend weakness to 0.8500, then towards 0.8450, however, loss of downward momentum should prevent sharp fall below 0.8340-50

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 18 14 10:35 GMT

The greenback has continued to move higher after recent rally, indicated upside targets at  116.35 (1.236 times projection of 101.07-110.09 measuring from 105.20) and 117.00 had been met, we have re-labled recent impulsive wave with an extended wave (iii) ended at 105.44, followed by another triangle wave (iv) at 101.07, hence the wave (v) is still in progress, price exceeded our upside targets at 117.00 and gain to 117.50-60 and possibly 118.00 cannot be ruled out

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 18 14 10:27 GMT

The single currency found good support at 1.2394-99 and has rebounded again, suggesting further consolidation above recent low at 1.2358 would be seen with mild upside bias for another rebound to previous support at 1.2614, however, a daily close above there is needed to signal a temporary low has been formed, bring retracement of recent decline to 1.2700.

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

The single currency has risen again after finding renewed buying interest at 142.09 last week and bullishness remains for the rise from 134.14 (wave iv trough) to bring resumption of medium term uptrend for retest of previous resistance at 145.69, above there would add credence to this view and extend gain in wave v to 146.50-55 (61.8% projection of 137.04-144.22 measuring from 142.09), then 147.50-60, however, loss of near term upward momentum should prevent sharp move beyond 148.00-10

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

The greenback extended recent upmove last week and broke above previous resistance at 0.9690, confirming our view that medium term upmove from 0.8699 low (wave c as well as larger degree wave B trough) has resumed and retest of previous chart resistance at 0.9752, then 0.9800-10 would be seen, however, weakening of upward momentum should prevent sharp move beyond 0.9900-10 and price should falter below psychological resistance at 1.0000

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 13 14 09:52 GMT

As the single currency has rebounded after finding decent demand just above support at 0.7766, retaining our view that low has possibly been formed at 0.7766 and consolidation with mild upside bias remains for another rebound to 0.7950, break there would signal the retreat from 0.8047 has ended, bring a further gain to 0.8000 but only break of indicated resistance area at 0.8047-66 would provide confirmation that low is in place, bring retracement of recent decline to 0.8100

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 13 14 09:46 GMT

Despite last week's rise to 1.1467, the subsequent retreat suggest consolidation below this level would be seen and pullback to 1.1200-10 cannot be ruled out, however, reckon support at 1.1122 would contain downside and bring another rise later, above said resistance at 1.1467 would signal recent upmove has once again resumed and extend gain in wave c to 1.1500 and possibly 1.1550, having said that, as this move is viewed as the final phase of this wave c (i.e. minor wave v), reckon upside would be limited to 1.1650-60

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 12 14 09:21 GMT

Although the single currency has remained under pressure and near term downside risk remains for recent decline to extend marginal weakness from here, 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 in later part of Q4. Above 1.2070-80 would suggest low is possibly formed and bring rebound to 1.2120, then towards resistance at 1.2140

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 12 14 09:13 GMT

Despite last week's resumption of decline to 0.8541 (reached indicated downside target at 0.8540-45 - 50% Fibonacci retracement of entire rise from 0.6007-1.1081), the subsequent rebound suggest minor low has possibly been formed and consolidation with mild upside bias is seen, above 0.8800 would bring another test of resistance at 0.8911, however, break there is needed to add credence to this view, bring correction of recent decline to 0.9000 and possibly 0.9050

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 11 14 11:28 GMT

The British pound has resumed recent downtrend after meeting resistance at 1.6184 last month and bearishness remains for recent decline from 1.7192 top to extend further weakness to 1.5720-25 (61.8% Fibonacci retracement of 1.4814-1.7192), however, loss of downward momentum suggest price could well be a minor wave v and should prevent sharp fall below 1.5600-10 and reckon 1.5500-10 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 | Nov 11 14 11:15 GMT

The British pound rallied on the last trading day of Oct and subsequently broke above previous resistance at 180.70, signaling recent upmove is still in progress as wave v and further gain to 185.00 (100% projection of 118.80-156.70 measuring from 147.10) would be seen and possibly towards 187.00, however, overbought condition should prevent sharp move beyond 190.00, risk from there has increased for a correction of recent upmove to take place later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 10 14 11:15 GMT

The greenback surged again after opening higher last week and indicated upside targets at  114.20-25 (100% projection of 101.07-110.09 measuring from 105.20) and 115.00 had been met, we have relabeled recent impulsive wave with an extended wave (iii) ended at 105.44, followed by another triangle wave (iv) at 101.07, hence the wave (v) is still in progress, price exceeded our upside targets and gain to 116.00 and possibly 116.35

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 10 14 11:06 GMT

Although the single currency recovered after falling to 1.2358 last week, reckon upside would be limited to 1.2577 minor resistance and near term downside risk remains for recent decline to extend one more fall to 1.2280-90 (50% projection of 1.3700-1.2501 measuring from 1.2887) but loss of momentum would limit downside and bring rebound later, a daily close above 1.2577 would suggest low is possibly formed, bring test of 1.2614 (previous support), then 1.2700.

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 07 14 11:34 GMT

The single currency extended recent rise from 134.14 and finally penetrated indicated previous resistance area at 143.48-79, providing confirmation that the major correction from 145.69 top has ended at 134.14 (with A-B-C) and bullishness remains for further gain to 144.90-00 and later retest of said previous chart resistance at 145.69. Once this level is penetrated, this would confirm medium term uptrend has resumed and extend further headway to 147.50

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Nov 07 14 11:27 GMT

The greenback only eased to 0.9580 before rising again (we recommended to buy again at 0.9540 and missed the entry), adding credence to our bullish view for early upmove from 0.8699 low (wave c as well as larger degree wave B trough) to previous chart resistance at 0.9752 and then 0.9800-10, however, loss of upward momentum should prevent sharp move beyond 0.9900 and reckon chart resistance at 0.9972 would hold from here.

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