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Oct 31 22:03 GMT

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Elliott Wave Daily Trade Ideas

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.

Elliott Wave Daily Trade Ideas Update Schedule:

  • AUD/USD, EUR/JPY: 0800 - 0830 GMT
  • EUR/GBP, USD/CAD: 1430 - 1500 GMT


Trade Idea: EUR/GBP - Buy at 0.7800 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 31 14 14:39 GMT

As the single currency has fallen again after brief recovery, suggesting the decline from 0.8047 is still in progress and near term downside risk remains for weakness to 0.7815-20, however, as long as recent low at 0.7766 holds, prospect of another rebound remains, above this week's high at 0.7913 would suggest low is possibly formed, bring test of 0.7940-50, break there would signal  the retreat from 0.8047 has ended and bring a stronger rebound to 0.8000.

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Trade Idea: USD/CAD - Buy at 1.1265 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 31 14 14:35 GMT

Current rally signals the wave iv correction from 1.1386 has ended at 1.1122 earlier this week and upside bias is seen for a retest of this recent high, however, break of this wave iii top is needed to confirm upmove has resumed in wave v for the rise from 1.0660 low to extend gain to 1.1440-50, then 1.1475-80 (61.8% projection of 1.0811-1.1386 measuring from 1.1122) but reckon 1.1500 would hold on first testing.

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Trade Idea: EUR/JPY - Buy at 139.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 31 14 09:43 GMT

As the single currency has rallied again on BOJ, confirming recent decline has ended at 134.14 and impulsive wave has commenced from there with wave i ended at 137.01 and wave ii at 135.21, extended wave iii is underway and may extend further gain to 140.50-60, then test of resistance at 141.23, however, near term overbought condition should limit upside today. Above 141.23 would add credence to our bullish count and extend further subsequent gain towards 142.40-50

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Trade Idea: AUD/USD - Hold short entered at 0.8840 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 31 14 09:31 GMT

Although aussie has rebounded after falling to 0.8755 yesterday, reckon upside would be limited to 0.8855-60 and bring another decline, below said support would extend weakness towards 0.8719 (last Friday's low), however, a sustained breach below there is needed to add credence to our view that wave iv correction has ended and bring further weakness to 0.8686, then retest of wave iii trough at 0.8643 later.

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Trade Idea: EUR/GBP - Buy at 0.7820 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 30 14 14:37 GMT

Although the single currency has remained under pressure and near term downside risk remains for the fall from 0.8047 to extend weakness to 0.7850 and possibly towards 0.7820-25, if our view that low has been formed at 0.7766 as wave v trough is correct, this wave b should be limited to 0.7800 and bring another rebound later, above 0.7940-50 would suggest the retreat from 0.8047 has possibly ended and bring a stronger rebound to 0.8000.

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Trade Idea: USD/CAD - Buy at 1.1080 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 30 14 14:34 GMT

Although the greenback recovered after falling to 1.1122 yesterday, reckon 1.1255-65 would limit upside and near term downside risk remains for the decline from recent high of 1.1366 (tentatively wave iii top) to bring retracement of recent upmove in wave iv and weakness to previous support at 1.1072 cannot be ruled out before prospect of another rebound. Above 1.1255-65 would bring test of 1.1295-00 but break there is needed to signal the correction from 1.1366 has ended

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Trade Idea: EUR/JPY - Buy at 136.65 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 30 14 09:23 GMT

As the single currency has retreated after rising to 138.03 yesterday, consolidation below this level would be seen and pullback to 136.90 is likely, however, reckon support at 136.50-59 would limit downside and bring another rise later, above said resistance at 138.03 would add credence to our bullish view that low has been formed at 134.14 and the rise from there should bring retracement of recent decline to 138.40-50 and possibly towards 138.80.

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Trade Idea: AUD/USD - Sell at 0.8840 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 30 14 09:19 GMT

Despite yesterday's brief rise to 0.8911, lack of follow through buying on break of previous resistance at 0.8899 and the subsequent post-Fed selloff suggest the wave iv correction from 0.8643 has ended there and consolidation with downside bias is seen for test of 0.8719 support (last Friday's low), however, a sustained breach below there is needed to add credence to this view and extend weakness to 0.8686, then retest of wave iii trough at 0.8643

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Trade Idea: EUR/GBP - Buy at 0.7820 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 29 14 14:37 GMT

Although the single currency has recovered after this week's initial fall to 0.7862, near term downside risk remains for the fall from 0.8047 to extend weakness to 0.7850 and possibly towards 0.7820-25, however, if our view that low has been formed at 0.7766 as wave v trough is correct, this wave b should be limited to 0.7800 and bring another rebound later, above 0.7940-50 would suggest the retreat from 0.8047 has possibly ended and bring a stronger rebound to 0.8000.

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Trade Idea: USD/CAD - Buy at 1.1080 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 29 14 14:28 GMT

Although the greenback has fallen again after yesterday's selloff on soft US data and near term downside risk remains for the decline from recent high of 1.1366 (tentatively wave iii top) to bring retracement of recent upmove in wave iv, reckon downside would be limited to previous support at 1.1072 and bring rebound later. Above 1.1195-00 would bring test of 1.1255-65, however, only break of 1.1300 would signal the correction from 1.1366 has ended

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Trade Idea: EUR/JPY - Buy at 136.65 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 29 14 09:20 GMT

Yesterday's breach of previous resistance at 137.43 adds credence to our bullish view that low has been formed at 134.14 and upside bias remains for this rebound to bring retracement of recent decline and further gain to next resistance at 137.94 would be seen. Looking ahead, a break of this resistance would provide confirmation, bring a stronger rebound to 138.40-50 and possibly towards 138.80.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 29 14 09:11 GMT

Although aussie has continued to move higher and near term upside risk remains for a test of previous resistance at 0.8899, break there is needed to signal rebound from 0.8643 low (wave iii trough) is still in progress for retracement of recent decline and gain to 0.8930-35 (38.2% Fibonacci retracement of 0.9402-0.8643) would follow, however, reckon 0.9000 would limit upside and reckon 0.9020-25 (50% Fibonacci retracement) would hold

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Trade Idea: EUR/GBP - Buy at 0.7820 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 28 14 15:14 GMT

As the single currency has remained weak after falling from 0.8047, suggesting near term downside risk remains for weakness towards 0.7820-25, however, if our view that low has been formed at 0.7766 as wave v trough is correct, downside should be limited to 0.7800 and bring another rebound later, above 0.7940-50 would suggest the retreat from 0.8047 has possibly ended and bring a stronger rebound to 0.8000.

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 28 14 15:07 GMT

The greenback has slipped again today in part due to soft US data, retaining our view that further consolidation below recent high of 1.1366 would be seen and near term downside risk remains for retracement of recent rise to 1.1140-50, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50

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Trade Idea: EUR/JPY - Buy at 135.75 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 28 14 08:50 GMT

Yesterday's rise to 137.43 adds credence to our bullish view that low has been formed at 134.14 and upside bias remains for this rebound to bring retracement of recent decline, above said resistance would extend gain to next resistance at 137.94. Looking ahead, a break of this resistance would provide confirmation, bring a stronger rebound to 138.40-50 and possibly towards 138.80.

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Trade Idea: AUD/USD - Hold short entered at 0.8805 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 28 14 08:45 GMT

Aussie has edged higher again after staging a rebound from 0.8719 (Friday's low), suggesting caution on our bearishness and resistance at 0.8860 needs to hold to retain prospect of another decline, below said support at 0.8719 would bring test of indicated support at 0.8686. A break below last week's low at 0.8652 would bring a retest of 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600

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Trade Idea: EUR/GBP - Buy at 0.7820 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 27 14 15:13 GMT

Although the single currency has remained under pressure after retreating sharply from 0.8047 and near term downside risk remains for weakness towards 0.7820-25, if our view that low has been formed at 0.7766 as wave v trough is correct, downside should be limited to 0.7800 and bring another rebound later, above 0.7940-50 would suggest the retreat from 0.8047 has possibly ended and bring a stronger rebound to 0.8000.

Read more...
 
Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 27 14 15:03 GMT

The greenback has remained confined within familiar range and further consolidation below recent high of 1.1366 would be seen with initial downside risk for retracement of recent rise, hence weakness to 1.1180 and then 1.1140-50 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50

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Trade Idea: EUR/JPY - Buy at 135.75 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 27 14 09:58 GMT

Despite intra-day initial rise to 137.43, lack of follow through buying and current retreat suggest consolidation would be seen and near term downside risk remains for pullback to 136.40-50, however, reckon 135.70-75 would contain weakness and bring another rise later. Above said resistance would extend the rebound from 134.14 low for retracement of recent decline towards 137.94. Looking ahead, a break of this resistance would provide confirmation

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Trade Idea: AUD/USD - Hold short entered at 0.8805 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 27 14 09:40 GMT

Aussie rebounded again after finding support at 0.8719 on Friday, suggesting further consolidation in wave iv would be seen and if our view that this is a triangle is correct, upside should be limited to 0.8830-35 and bring another decline later, below said support at 0.8719 would bring test of indicated support at 0.8686. A break below last week's low at 0.8652 would bring a retest of 0.8643 (wave iii trough)

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