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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 | Jul 30 15 10:05 GMT

As the single currency has retreated again after meeting resistance at 0.7161, suggesting near term downside risk remains and retest of support at 0.6936 cannot be ruled out, break there would extend recent decline to 0.6900, however, as this move is viewed as the wave v of recent decline, reckon downside would be limited to 0.6850. 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

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 30 15 09:44 GMT

The greenback found renewed buying interest at 1.2656 and has surged again, the pair finally broke above previous resistance at 1.2835, adding credence to our bullishness for medium term upmove to resume and indicated upside targets at 1.2900 and 1.3000 had been met, upside bias remains for further gain, above last week's high of 1.3103 would extend rise to 1.3190-00, then 1.3300, however, loss of near term upward momentum should prevent sharp move beyond latter level

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 28 15 10:09 GMT

Cable's rebound after finding support at 1.5330 suggests near term upside risk remains for another test of resistance at 1.5667, however, if our view that top has been formed at 1.5930 is correct, upside should be limited to 1.5720-30 and reckon 1.5789 resistance would limit upside, bring another decline later. Below last week's low at 1.5467 would bring weakness to 1.5390-00, below there would bring test of said support at 1.5330, break there would add credence to our view that top formed at 1.5930, extend weakness to 1.5245-50

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 28 15 10:05 GMT

The British pound found renewed buying interest at 1.4467 (just missed our long entry at 1.4445) and has rallied since earlier this month, adding credence to our bullish view for early upmove to resume and upside bias remains for gain towards recent high at 1.5195, break there would confirm medium term upmove from 0.9106 has resumed for further headway to 1.5300 and later towards previous resistance at 1.5547 which is likely to hold on first testing.

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 27 15 09:13 GMT

Although the single currency fell briefly below previous support at 1.0819, lack of follow through selling and the subsequent rebound from 1.0809 suggest further consolidation is in store and initial upside risk is for recovery towards resistance at 1.1216, however, as broad outlook remains consolidative, reckon upside would be limited to 1.0275-80 and price should falter well below resistance at 1.1436, bring another decline later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 27 15 09:04 GMT

As the greenback staged a strong rebound after finding renewed buying interest at 120.41 earlier this month, suggesting correction from 125.86 has possibly ended there and upside bias remains for gain to 124.50, then 125.00, above latter level would bring retest of recent high of 125.86 but break there is needed to confirm medium term upmove has resumed for headway to 127.00 and then towards 128.00 but overbought condition should limit upside and psychological resistance at 130.00 would remain intact.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 14 15 10:52 GMT

The British pound finally found good support at 1.5330 last week and staged a rebound, suggesting at least the first leg of decline from 1.5930 has ended there, hence consolidation with initial upside bias is seen for recovery to 1.5640-45, however, if our view that top has been formed at 1.5930 is correct, upside should be limited to 1.5720-30 and price should falter well below resistance at 1.5789, bring another decline later.

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 14 15 10:32 GMT

Sterling's retreat from 195.85 turned out to be much deeper than expected and price dropped to as low as 185.00, however, as the British pound found good support there and has staged a strong rebound, suggesting further choppy trading would be seen and whilst initial gain to 193.00 and 194.00 cannot be ruled out, price should falter well below said recent high at 195.85 and bring retreat later. In the event said resistance is penetrated again, this would extend medium term upmove to 197.00, then towards 197.95-00

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 13 15 13:36 GMT

Although the single currency staged a strong rebound after falling to 1.0916 early last week, as euro ran into resistance at 1.1216 on Friday and has retreated, suggesting consolidation would be seen and initial weakness to 1.1000 cannot be ruled out, however, as broad outlook remains consolidative, reckon downside would be limited and said support at 1.0916 would continue to hold, bring rebound later.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 13 15 13:27 GMT

Although the greenback fell to as low as 120.41 last week, dollar found decent demand there and has staged a strong rebound, suggesting low has been formed there and consolidation with upside bias is seen for gain to 124.38-45, however, a daily close above there is needed to signal the correction from 125.86 has ended, bring further gain to 125.00, then retest of this recent high.

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

Despite this week's initial rise to 0.9516, lack of follow through buying and the subsequent retreat suggest the greenback remained confined within recent established range of 0.9151-0.9543, then weakness to 0.9300-10 cannot be ruled out, however, reckon support at 0.9244 would limit downside and bring another rebound later. Above 0.9516 would bring test of said upper range at 0.9543

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

Although the single currency fell marginally to 133.31 yesterday, as euro found decent demand there and has staged a strong rebound, suggesting low has possibly been formed there and consolidation with upside bias is seen for gain to 137.40-50, however, a daily close above resistance at 138.13 is needed to signal the fall from 141.06 has ended at 133.31, bring further gain to 139.00 and later towards 140.00

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 09 15 11:24 GMT

As the single currency has rebounded again after holding above last week's low at 0.6988, suggesting further consolidation above this level would be seen and initial upside bias is seen for gain to 0.7265-70, however, reckon 0.7315-20 would hold, bring retreat later. Below 0.7055 support (Monday's low) would signal the rebound from 0.6988 has ended, bring retest of this level, break there would extend recent decline in wave v to 0.6950

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 09 15 11:18 GMT

As the greenback has eased after surging to 1.2780 earlier this week, suggesting minor consolidation would be seen and pullbackl to 1.2650 cannot be ruled out, however, renewed buying interest should emerge around 1.2580-90 and bring another upmove later, above said resistance would bring retest of recent high at 1.2835, break there would confirm medium term upmove has resumed for headway to 1.2900

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 08 15 10:29 GMT

Although the single currency retreated after rebounding to 1.0524 last week and consolidation would be seen, reckon 1.0350-60 would limit downside and support at 1.0314 (last week's low) should remain intact, bring another rebound later, above said resistsance at 1.0524 would bring test of 1.0574 but break there is needed to bring retracement of early decline to 1.0600-05, having said that, only a daily close above there would signal the fall from 1.0812 has ended

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 08 15 10:24 GMT

Aussie only recovered to 0.7739 last week before meeting renewed selling interest there and has tumbled again, adding credence to our bearish count that recent wave C decline from 0.9505 (2014 high) is still in progress and may extend weakness to 0.7280-85, then towards 0.7200-10, however, loss of downward momentum should prevent sharp fall below 0.7100 and price should stay well above psychological support at 0.7000

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 07 15 10:14 GMT

As he British pound has retreated after rising to 1.4834 last week, suggesting consolidation below this level would be seen and pullback to 1.4600-10  and possibly towards support at 1.4545 cannot be ruled out, however, reckon downside would be limited to 1.4506 and renewed buying interest should emerge around 1.4440, bring another rise later. Above said resistance at 1.4834 would signal the rise from 1.3817 is still in progress and extend gain to 1.4900

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 07 15 10:01 GMT

The British pound dropped again last week after meeting renewed selling interest at 1.5789, suggesting a temporary top has been formed at 1.5930 and consolidation with mild downside bias is seen for retracement of recent upmove, hence test of 1.5400-10 (38.2% Fibonacci retracement of 1.4566-1.5930) is likely, however, a daily close below there is needed to add credence to this view and retain near term bearishness, then further fall to 1.5350 and 1.5300 would follow

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 06 15 10:51 GMT

Although the single currency rebounded after opening lower last week, as euro ran into renewed selling interest at 1.1278 and has retreated again, suggesting another test of support at 1.0954 cannot be ruled out, however, break there is needed to extend the retreat from 1.1436 to 1.0900, however, reckon previous support at 1.0819 would contain downside and bring further choppy trading within recent established range of 1.0819-1.1467.

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jul 06 15 10:30 GMT

Although the greenback met renewed selling interest at 123.74 and has slipped again, lack of follow through selling on break of previous support at 121.94 (last week's low) and current rebound from 121.87 suggest consolidation would be seen and recovery to 123.15-20 cannot be ruled out, however, break of said resistance at 123.74 is needed to signal low has been formed, bring a stronger rebound towards resistance area at 124.38-45.

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