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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 - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 14 14:48 GMT

Although the single currency rebounded after intra-day marginal fall to 0.7983, break of last week's high of 0.8036 is needed to revive bullishness for the rebound from 0.7874 (tentatively wave v trough) to bring retracement of early decline to 0.8050, then towards 0.8080, however, near term overbought condition should limit upside to 0.8100 and price would falter below 0.8120-25, bring retreat later.

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Trade Idea: USD/CAD - Buy at 1.0895 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 14 14:22 GMT

As the greenback has rebounded after holding above last week's low at 1.0860, suggesting as long as this level holds, consolidation with mild upside bias would be seen and gain to 1.0950-55 is likely, break there would signal retreat from 1.0986 has ended and bring retest of this level, once this resistance is penetrated, this would bring resumption of recent rise from 1.0621 low (tentatively wave c trough) for at least a correction of early decline towards 1.1000.

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Trade Idea: EUR/JPY - Buy at 136.50 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 14 08:40 GMT

As the single currency has retreated after rising to 137.62 late last week, suggesting consolidation would be seen, however, reckon downside would be limited to 136.40-50 and bring another rise later, above said resistance would suggest low is possibly formed at 135.73 as v of 3, bring retracement of recent decline to resistance at 138.03, then towards another previous resistance at 138.45 but reckon 139.00 would limit upside and resistance at 139.28 would remain intact.

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Trade Idea: AUD/USD - Sell at 0.9370 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 14 08:35 GMT

Although aussie has continued to edge higher and near term upside risk remains for the rebound from 0.9239 to extend gain to 0.9350, reckon resistance at 0.9374 would limit upside and bring another decline later, a break of support at 0.9239 would extend recent decline from 0.9505 top for a retracement of recent upmove to 0.9190-00 and later towards 0.9140-50 but downside is likely to be limited to 0.9100, risk from there is seen for a rebound later.

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Trade Idea: EUR/GBP - Exit long entered at 0.7945 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 18 14 14:31 GMT

Despite last week's rise to 0.8036, the subsequent retreat suggests consolidation would be seen and downside risk is seen for weakness to 0.7960-65, however, only break of indicated support at 0.7916 would signal the rebound from 0.7874 has ended and bring another fall towards this level which is likely to hold from here. In the event euro drops below this level, this would signal early decline has resumed for weakness to 0.7850-55

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Trade Idea: USD/CAD - Buy at 1.0850 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 18 14 14:16 GMT

Although the greenback recovered after falling to 1.0860 on Friday, as long as 1.0940 holds, near term downside risk remains for the corrective fall from 1.0986 to bring retracement of recent rise to 1.0845-50 (50% Fibonacci retracement of 1.0709-1.0986 and 38.2% Fibonacci retracement of 1.0621-1.0986) before prospect of another rally, above said resistance at 1.0940 would signal the retreat from 1.0986 has ended and bring resumption of recent rise from 1.0621

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Trade Idea: EUR/JPY - Buy at 136.50 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 18 14 09:22 GMT

Last week's rebound from 135.73 suggests recent decline has possibly formed a low there as wave v of 3 and consolidation with mild upside bias remains for this rebound from there to bring retracement of recent decline to resistance at 138.03, then towards another previous resistance at 138.45 but reckon 139.00 would limit upside and resistance at 139.28 would remain intact.

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Trade Idea: AUD/USD - Sell at 0.9370 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 18 14 09:17 GMT

Aussie's rebound from 0.9239 suggests further consolidation above this level would be seen and recovery to 0.9350 cannot be ruled out, however, reckon resistance at 0.9374 would limit upside and bring another decline later, a break of said support at 0.9239 would extend recent decline from 0.9505 top for a retracement of recent upmove to 0.9190-00 and later towards 0.9140-50 but reckon downside would be limited to 0.9100, risk from there is seen for a rebound later.

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Trade Idea: EUR/GBP - Hold long entered at 0.7945 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 15 14 14:12 GMT

The single currency has continued to trade with a firm undertone on active cross-selling in sterling and near term bullishness remains for the erratic rise from temporary low at 0.7874 (formed last month as wave v trough) to bring retracement of recent decline to 0.8050 but reckon 0.8080 would limit upside, price would falter below 0.8100 due to near term overbought condition.

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Trade Idea: USD/CAD - Buy at 1.0850 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 15 14 14:08 GMT

Although the greenback has slipped again and near term downside risk remains for the retreat from 1.0986 to bring retracement of recent rise, reckon downside would be limited to 1.0845-50 (50% Fibonacci retracement of 1.0709-1.0986 and 38.2% Fibonacci retracement of 1.0621-1.0986) and bring another rise later, above said resistance at 1.0986 would signal recent rise from 1.0621 low (tentatively wave c trough) has resumed for at least a correction of early decline towards 1.1000

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Trade Idea: EUR/JPY - Buy at 136.50 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 15 14 08:43 GMT

As the single currency has maintained a firm undertone after finding renewed buying interest at 136.37 earlier this week, adding credence to our view that low has been formed at 135.73 as wave v of 3 and mild upside bias remains for the rebound from there to bring retracement of recent decline to resistance at 138.03, then towards another previous resistance at 138.45 but reckon 139.00 would limit upside and resistance at 139.28 would remain intact.

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Trade Idea: AUD/USD - Stopped profit and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 15 14 08:39 GMT

As the Australian dollar has continued to edge higher after rebounding from 0.9239 (last week's low), dampening our bearishness and suggests temporary low has been formed there, near term upside risk remains for retracement of recent decline to 0.9374 (last week's high) and possibly towards 0.9400, having said that, still reckon upside would be limited to 0.9415-20 and price should falter below resistance at 0.9472

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Trade Idea: EUR/GBP - Hold long entered at 0.7945 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 14 14 14:13 GMT

The single currency has maintained a firm undertone after yesterday's rally on sterling's broad-based weakness after dovish remarks from BOE's Carney, adding credence to our near term bullishness for the erratic rise from temporary low at 0.7874 (formed last month as wave v trough) to bring retracement of recent decline to 0.8050 but reckon 0.8080 would limit upside and price would falter below 0.8100

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Trade Idea: USD/CAD - Buy at 1.0850 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 14 14 14:08 GMT

Although further consolidation below last week's high of 1.0986 would be seen and near term downside risk remains for correction of recent rise to bring marginal weakness, reckon 1.0850 would limit downside and bring another rise later, above said resistance at 1.0986 would signal recent rise from 1.0621 low (tentatively wave c trough) is still in progress for at least a retracement of recent decline towards 1.1000

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Trade Idea: EUR/JPY - Buy at 136.50 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 14 14 09:36 GMT

Euro found renewed buying interest at 136.37 earlier this week and has rebounded again, retaining our view that further consolidation above recent low of 135.73 (wave v of 3) would be seen and mild upside bias is seen for the rebound from there to bring retracement of recent decline to resistance at 138.03, then towards another previous resistance at 138.45 but reckon 139.00 would limit upside and resistance at 139.28 would remain intact.

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Trade Idea: AUD/USD - Hold short entered at 0.9360 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 14 14 09:25 GMT

Although aussie's rebound after holding above last week's low at 0.9239 suggests further consolidation above said support would be seen, still reckon upside would be limited to 0.9320-30 and bring another decline, break of said support at 0.9239 would confirm the decline from 0.9505 top has resumed for a retracement of recent upmove to 0.9190-00 and later towards 0.9140-50, however, oversold condition should prevent sharp fall below latter level

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Trade Idea: EUR/GBP - Hold long entered at 0.7945 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 13 14 15:15 GMT

The single currency did held above 0.7920 and has rallied on sterling's broad-based weakness after dovish remarks from Carney, retaining our near term bullishness for the erratic rise from temporary low at 0.7874 (formed last month as wave v trough) to bring retracement of recent decline to resistance at 0.8034 (previous 4th of a lesser degree) and possibly towards 0.8050

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Trade Idea: USD/CAD - Buy at 1.0850 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 13 14 15:10 GMT

Although the greenback retreated after faltering below last week's high of 1.0986 and further consolidation below this resistance would be seen with mild downside bias for correction of recent rise, reckon 1.0850 would limit downside and bring another rise later, above said resistance at 1.0986 would signal recent rise from 1.0621 low (tentatively wave c trough) is still in progress for at least a retracement of recent decline towards 1.1000

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 13 14 09:54 GMT

As the single currency has rebounded again after finding support at 136.37 yesterday, retaining our view that further consolidation would be seen but only above resistance at 137.07-12 would add credence to our view that low was possibly formed at 135.73 last week and bring test of 137.70-75, a sustained breach above there is needed to provide confirmation 

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Trade Idea: AUD/USD - Hold short entered at 0.9360 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 13 14 09:43 GMT

As the Australian dollar has rebounded again after holding above last week's low at 0.9239, suggesting further consolidation would be seen, however, reckon upside would be limited to 0.9320-30 and bring another decline, break of said support at 0.9239 would confirm the decline from 0.9505 top has resumed and bring retracement of recent upmove to 0.9190-00 and later towards 0.9140-50, however, oversold condition should prevent sharp fall below latter level

Read more...
 
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