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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 | Feb 23 17 10:05 GMT

The single currency did meet renewed selling interest at 0.8592 (we recommended in our previous update to sell at 0.8585 and a short position was entered) and has fallen again, retaining our bearishness and downside bias remains for the fall from 0.8857 to extend weakness to 0.8400, a sustained breach below this level would suggest the rebound from 0.8304 has ended at 0.8857 (tentatively wave b top), then further fall to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 23 17 09:57 GMT

Despite falling to 1.3009 last week, as the greenback found good support there and has rebounded again since, dampening our bearishness and further consolidation would be seen, above resistance at 1.3212 would extend the rebound from 1.2969 low for retracement of recent decline to 1.3250-60 and 1.3300 but resistance at 1.3388 should remain intact, bring another decline. In the event the greenback breaks above

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 22 17 10:37 GMT

As the single currency has remained under pressure, adding credence to our bearishness for recent decline from 1.1001 to extend further weakness to previous support at 1.0622, however, break there is needed to confirm erratic decline from 1.1201 (2016 high) has resumed and bring subsequent selloff to 1.0550 and possibly towards 1.0500 but near term oversold condition should prevent sharp fall below latter level and

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 22 17 10:33 GMT

Aussie edged higher to 0.7732 last week before retreating, suggesting minor consolidation below this level would be seen and initial mild downside bias is seen for pullback to 0.7615-20, however, reckon downside would be limited to support at 0.7512 and bring another rise later, above said resistance at 0.7732 would extend recent rise from 0.7158 to resistance at 0.7778.

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 21 17 10:43 GMT

Cable met resistance at 1.2549 and has retreated again, retaining our view that further consolidation would be seen with mild downside bias for test of support at 1.2347 but a sustained breach below there is needed to signal top has been formed at 1.2706 earlier this month, bring further fall to 1.2300-10, however, a break of support at 1.2253 is needed to provide confirmation and suggest the rebound from 1.1986 low has ended, bring further fall to

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 21 17 10:37 GMT

Sterling has remained confined within recent established range, retaining our view that further consolidation is in store, although early strong rebound from 1.2102 suggests low has possibly been formed and mild upside bias is seen for gain to 1.2605-10 but a daily close above 1.2652-62 is needed to retain bullishness and extend the rebound from 1.2102 low to 1.2745-55, above there would signal the retreat from 1.2915 has ended

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 20 17 10:50 GMT

Although the single currency fell to as low as 1.0521 last week, the subsequent rebound suggests consolidation above this level would be seen, however, as top has been formed at 1.0829, reckon upside would be limited to 1.0740-50 and bring retreat later, below said support at 1.0521 would add credence to our view that the rebound from 1.0340 has ended at 1.0829 and bring further fall to

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 20 17 10:40 GMT

Although the greenback has retreated after running into strong resistance at 114.96 last week, if our view that low has been formed at 111.59 is correct, downside should be limited to 112.00 and bring another rebound later, above 114.15-20 would bring test of said resistance at 114.96 but break of latter level is needed to signal the pullback from 118.66 has ended at 111.59 and bring further gain to

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 17 17 12:15 GMT

Although the single currency has retreated after faltering below resistance at 121.34 and further consolidation is in store, as long as indicated support at 119.33 holds, mild upside bias remains for another rebound, above said resistance at 121.34 would add credence to our view that low is possibly formed at 119.33, bring further gain to 122.00-10, however, break of resistance at 122.52 is needed to retain bullishness and signal the pullback from 124.10 has ended, bring further gain to

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 17 17 12:08 GMT

Although the greenback staged a strong rebound to 1.0119, the subsequent retreat suggests top is possibly formed there and consolidation with mild downside bias is seen for weakness to 0.9930 but a daily close below there is needed to signal the rebound from 0.9861 has ended, bring retest of said support at 0.9861, once this level is penetrated, this would confirm early fall from 1.0344 top has resumed and extend weakness to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 16 17 09:48 GMT

As the greenback has retreated after meeting resistance at 1.3212, retaining our view that the rebound from 1.2969 has possibly ended there and consolidation with downside bias remains for another test of said support, however, a break of this level is needed to signal the fall from 1.3599 top has resumed and bring further fall to 1.2950, then 1.2890-00 but reckon downside would be limited to

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 15 17 10:45 GMT

The single currency finally resumed recent decline in line with our bearish expectations as euro broke below indicated previous support at 1.3820, confirming the fall from 1.6106 is still in progress and may extend further weakness to 1.3750-55 (76.4% retracement of 1.3025-1.6106) and possibly 1.3600 but reckon downside would be limited to previous support at 1.3518 and price should stay above

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 15 17 10:40 GMT

As aussie has maintained a firm undertone after recent rally, suggesting recent rise from 0.7158 is still in progress and may extend gain to 0.7740-50 but resistance at 0.7778 should hold on first testing. Looking ahead, only break of this level would suggest another leg of major corrective upmove from 0.6827 low is underway for retest of 0.7835 resistance first, then

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 14 17 10:59 GMT

Although cable retreated after rising to 1.2706 earlier this month, sterling found good support at 1.2347 and has rebounded again from there, suggesting further choppy trading within 1.2347-1.2706 range would take place with initial mild downside bias for weakness to 1.2400 but only break of said support at 1.2347 would revive bearishness and add credence to our view that top has possibly been formed at 1.2706, then further fall to

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 14 17 10:52 GMT

Although sterling slipped again earlier this month and fell to 138.55, the subsequent rebound suggests the pullback from 144.75 has possibly ended there, however, as price has retreated after meeting resistance at 142.60, suggesting further consolidation is in store and pullback to 140.50 and then 139.90-00 cannot be ruled out, having said that, reckon downside would be limited to 139.00-10 and bring another rebound later. Above said resistance at 142.60 would extend the rebound from 138.55 to

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 13 17 08:49 GMT

Although the single currency rose marginally to 1.0829, lack of follow through buying and the subsequent retreat suggest top is possibly formed there and consolidation with mild downside bias is seen for weakness to 1.0579-89, however, a daily close below there is needed to add credence to this view, bring further fall to 1.0500-10. Looking ahead, a sustained break below key support at 1.0454 would suggest the rebound from 1.0340 has ended

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 13 17 08:42 GMT

Although the greenback fell marginally to 111.59 last week, the subsequent rebound suggests 1-2 weeks of consolidation above this level would be seen with mild upside bias for gain to 114.90-00 but a daily close above indicated resistance at 115.62 is needed to signal the pullback from 118.66 has ended at 111.59 and bring further gain to 116.00-10 first. Looking ahead, a sustained break above resistance at 116.87 would signal early upmove has resumed

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 10 17 10:21 GMT

Although the single currency extended recent erratic fall to as low as 119.33 earlier this week, as euro found good support there and has staged a strong rebound, suggesting low is possibly formed there and consolidation with mild upside bias is seen for further gain to 122.00-10, however, break of resistance at 122.52 is needed to retain bullishness and signal the pullback from 124.10 has ended, bring further gain to

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 10 17 10:05 GMT

As the greenback has recovered after falling to 0.9861 last week, suggesting consolidation above this level would be seen and above resistance at 1.0045 would bring retracement of recent decline to 1.0100 and possibly test of resistance at 1.0122, however, a daily close above there is needed to signal recent decline has ended and bring a stronger rebound to

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 09 17 10:07 GMT

The single currency met resistance at 0.8646 and has retreated (missed our short entry at 0.8660) and test of indicated support at 0.8470 cannot be ruled out, however, break there is needed to signal the fall from 0.8857 top has resumed and extend weakness to 0.8450 support, a sustained breach below this level would suggest the rebound from 0.8304 has ended at 0.8857 (tentatively wave b top), then further fall to

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