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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 | Feb 12 16 10:54 GMT

The single currency ran into renewed selling interest at 132.33 earlier this month and has tumbled, the subsequent breach of previous support at 126.09 (wave A trough) signals recent decline from 149.79 top is still in progress in wave C and may extend further weakness to

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 12 16 10:41 GMT

Dollar's recent selloff together with the breach of previous support at 0.9786 signal top has indeed been formed at 1.0328 last year and downside bias is seen for the decline from there to bring correction of early upmove, hence further weakness to 0.9585-90

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EUR/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 11 16 10:30 GMT

Although the single currency extended recent rise to as high as 1.1201, the subsequent sharp retreat from there suggests a temporary top has possibly been formed there and consolidation with downside bias is seen for weakness towards support at 1.0908, however, a daily close below there is needed to add credence to this view, bring retracement of recent upmove to

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 11 16 10:23 GMT

As aussie ran into heavy offers at 0.7243 last week and has retreated quite sharply, suggesting consolidation with initial downside bias would be seen for weakness to 0.6950-60, however, if our view that low has possibly been formed at 0.6827 is correct, downside should be limited to 0.6915-20 and bring rebound later. Above 0.7150-55 would signal the retreat from 0.7243 has ended

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 10 16 10:35 GMT

Although the British pound rebounded last week to as high as 1.4669, the subsequent retreat in part due to cross-selling in sterling has retained our bearishness and consolidation with downside bias remains, below support at 1.4351 would signal top has been formed at 1.4669, then weakness to 1.4300 would follow but reckon

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GBP/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 10 16 10:28 GMT

Sterling met renewed selling interest at 1.4771 earlier this month and has fallen quite sharply from there, price broke below support at 1.4121, signaling the decline from 1.5573 top has resumed and downside bias is seen for this fall to bring retracement of early upmove to 1.3950, then towards

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 09 16 11:20 GMT

The single currency did hold right at the trendline support and staged the anticipated rebound later week, price broke above resistance at 1.1060, adding credence to our view that another leg of corrective rise from 1.0523 low is underway, indicated upside target at 1.1050 was met (with 200 points profit) and bullishness remains for the rebound from 1.0523 to bring a stronger correction of the decline from 1.1714 to

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 09 16 11:10 GMT

Despite rising to 121.69 late last month, the subsequent reversal together with the breach of support at 115.97 shifted risk to the downside and mild downside bias is seen for the corrective decline from 125.86 top (2015 high) is still in progress and may bring retracement of medium term upmove to

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 05 16 10:41 GMT

Euro's rebound after holding above previous support at 126.09 suggests consolidation above this level would be seen and above last week's high at 132.33 would extend this rebound for retracement of recent decline to 133.00, then towards 133.75-80, however, near term overbought condition should prevent sharp move beyond

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 05 16 10:31 GMT

Although the greenback edged higher to 1.0256 last week, the subsequent sharp retreat has retained our view that further consolidation below last year's high of 1.0328 would be seen and mild downside bias remains for test of support at 0.9881, a daily close below there would signal the rebound from 0.9786 has ended at 1.0256, bring further fall to

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EUR/GBP Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 04 16 10:43 GMT

The single currency remained confined within near term established range and although near term downside risk is seen for another leg of corrective fall to 0.7526, reckon downside would be limited to 0.7450-60 (38.2% Fibonacci retracement of 0.6982-0.7756) and bring rebound later, above 0.7666 would suggest the pullback from 0.7756 has ended, bring further gain to

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USD/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 04 16 10:32 GMT

As the retreat from 1.4690 has gathered momentum, adding credence to our view that top has been formed there, hence consolidation with downside bias remains for this fall to bring retracement of recent upmove, below 1.3600 would extend weakness to 1.3500-10, however, reckon previous resistance at 1.3436 would

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EUR/CAD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 03 16 11:05 GMT

Although the single currency surged to as high as 1.6106 last month, the subsequent retreat suggests a temporary top has been formed there, hence consolidation with mild downside bias is seen for test of 1.5000 level but a daily close below 1.4950-55 is needed to add credence to this view, bring further fall to

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AUD/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 03 16 10:56 GMT

Aussie's rebound from 0.6827 turned out to be stronger than expected and although price has retreated from 0.7141, near term upside risk remains for another corrective bounce to take place, above said resistance at 0.7141 would suggest a temporary low has been formed, bring retracement of recent decline to

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GBP/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 02 16 11:09 GMT

The British pound has rebounded after holding above recent low at 1.4080, suggesting further consolidation above this level would be seen and near term upside risk is for correction to 1.4490-00, however, reckon upside would be limited to 1.4550 and renewed selling interest should emerge around 1.4600-10, bring another decline. Below 1.4225-30 would suggest top is possibly formed

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GBP/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 02 16 11:03 GMT

Although sterling staged a strong rebound after falling to as low as 164.00 last month, as long as 175.00 holds, consolidation with mild downside bias is seen for retreat to 173.00, then 172.00, however, as temporary low has been formed at 164.00, downside should be limited to 171.00 and reckon 170.00 would hold from here, bring another rebound later. Below 170.00 would bring weakness to

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EUR/USD Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 01 16 10:20 GMT

Although the single currency retreated after staging a brief rebound to 1.0968 last week, as long as support at 1.0778 holds, further consolidation would take place with mild upside bias for another rebound to 1.0900, then towards said resistance at 1.0968. Having said that, above key resistance at 1.0993 is needed to confirm another leg of corrective rise from 1.0523 low is underway

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USD/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Feb 01 16 10:09 GMT

The greenback fell marginally to 115.97 before finding decent demand there and dollar then staged a much stronger-than-expected rebound, suggesting low has been formed at 115.97 and consolidation with mild upside bias is seen for further gain to 122.00, then 122.50-60, however, break of key resistance at 123.76 is needed to signal entire correction from 125.86 (2015 high) has ended

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EUR/JPY Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 22 16 10:57 GMT

Although the single currency finally resumed recent decline and fell to as low as 126.17 earlier this week, as euro has rebounded after holding above previous chart support at 126.09 (Wave A trough), suggesting consolidation would be seen and test of resistance at 129.09 cannot be ruled out, however, a daily close above there is needed to signal a temporary low has been formed

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USD/CHF Elliott Wave Analysis Print E-mail
Elliott Wave Weekly | Written by Action Forex | Jan 22 16 10:47 GMT

As the greenback has continued moving higher after finding good support at 0.9958 late last week, suggesting near term upside risk remains for the rebound from 0.9786 to extend gain to 1.0150, however, if our view that a temporary top has been formed at 1.0328 back in 2015 is correct, upside should be limited to 1.0200 (76.4% retracement of 1.0328-0.9786) and bring retreat later.

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