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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 | Jul 01 16 15:32 GMT

Although the single currency finally resumed recent upmove as price broke above resistance at 0.8380 and further gain to 0.8420-25 is likely, loss of upward momentum should prevent current wave C to extend sharp move beyond 0.8450 today, reckon 0.8475-80 would limit upside, price should falter below 0.8500, risk from there remains for a retreat later.

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 01 16 15:16 GMT

As the greenback has fallen again after meeting renewed selling interest at 1.3016 yesterday, suggesting near term downside risk remains for the retreat from 1.3121 (this week's high) to extend weakness to 1.2850 and possibly towards 1.2800, however, as broad outlook remains consolidative, reckon 1.2750 would hold

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 01 16 10:34 GMT

Although the single currency has retreated after marginal rise to 114.86 and consolidation below this level would be seen, a firm break below support at 113.34 (yesterday's low) is needed to signal top has been formed there, bring weakness to 112.90-95, then 112.50-55, however,

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 01 16 10:28 GMT

Aussie has continued edging higher after finding renewed buying interest at 0.7371 yesterday, suggesting near term upside risk remains for the rebound from 0.7324 to extend gain towards 0.7511-18 (previous resistance and 61.8% Fibonacci retracement of 0.7649-0.7306), however, as outlook remains consolidative, reckon upside would be limited to

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Trade Idea: EUR/GBP - Buy at 0.8135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 30 16 14:53 GMT

Although the single currency recovered after finding support at 0.8206 yesterday, reckon upside would be limited to 0.8320-25 and price should falter below resistance at 0.8380, bring another corrective fall later, below said support at 0.8206 would bring retracement of recent rally to 0.8170, however, reckon

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 30 16 14:48 GMT

Despite intra-day fall to 1.2914, as the greenback has rebounded after holding above indicated previous support at 1.2896, retaining our view that further consolidation would be seen and recovery to 1.3040-50 cannot be ruled out, however, upside should be limited to 1.3090-00 and price should falter below resistance at 1.3121 (this week's high), bring further choppy trading

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 30 16 09:37 GMT

As the single currency has maintained a firm undertone after rebounding from 111.38, suggesting near term upside risk remains for this bounce to extend gain towards 114.90-00, however, as outlook remains consolidative, reckon upside would be limited to resistance at 115.47 and price should falter below 116.00-10, bring another decline later.

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Trade Idea: AUD/USD - Stopped profit and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 30 16 09:32 GMT

Aussie edged higher after rebounding from 0.7324, suggesting further consolidation above support at 0.7306 would be seen and current rebound from 0.7371 suggests another bounce to 0.7473 cannot be ruled out, however, as outlook remains consolidative, reckon upside would be limited to resistance at 0.7511 and price should falter below

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Trade Idea : EUR/GBP - Buy at 0.8135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 29 16 15:39 GMT

As the single currency has slipped again after retreating from 0.8380, retaining our view that consolidation below this level would be seen and initial downside risk remains for retracement to 0.8170, however, reckon 0.8130-35 (38.2% Fibonacci retracement of 0.7732-0.8380) would limit downside and bring another rise later, above said resistance would extend recent upmove in wave C to

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 29 16 14:59 GMT

As the greenback has retreated after faltering below this week's high of 1.3121, retaining our view that further consolidation below this level would be seen and pullback to 1.2950 cannot be ruled out, however, break of support at 1.2896 is needed to confirm and bring at least a retracement of the rebound from 1.2678 to 1.2850-55 first.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 29 16 10:51 GMT

As the single currency has risen again after finding renewed buying interest at 112.94 earlier today, suggesting near term upside risk remains for the rebound from 111.38 to extend gain towards 114.30-35, however, as outlook remains consolidative, reckon upside would be limited to 115.00 and price should falter below

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Trade Idea: AUD/USD - Hold short entered at 0.7465 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 29 16 10:44 GMT

As aussie has rebounded again after finding support at 0.7342 yesterday, retaining our view that further consolidation would be seen and marginal gain from here cannot be ruled out, however, as long as resistance at 0.7452 holds, mild downside bias remains for another decline, break of said support at 0.7342 would suggest the rebound from 0.7324 has ended

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Trade Idea: EUR/GBP - Buy at 0.8135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 28 16 15:05 GMT

The single currency has retreated after rising to 0.8380 yesterday and consolidation below this level would be seen, hence minor correction to 0.8250 and possibly 0.8200-10 is likely, however, reckon 0.8130-35 (38.2% Fibonacci retracement of 0.7732-0.8380) would limit downside and bring another rise later, above said resistance would extend recent upmove in wave C to

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 28 16 14:33 GMT

Despite yesterday's brief breach of 1.3099, lack of follow through buying suggests further consolidation would be seen, below 1.3000 would bring test of 1.2965 but break there is needed to signal top has been formed, bring weakness towards previous support at 1.2896 which is likely to hold from here.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 28 16 10:45 GMT

The single currency found renewed buying interest at 111.92 yesterday and has staged another rebound, dampening our bearishness and suggesting further consolidation above yesterday's low at 111.38 would be seen, hence consolidation with mild upside bias is for further gain to 114.00 and possibly towards 114.30-35, however, as outlook remains consolidative, reckon upside would be limited to

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Trade Idea: AUD/USD - Hold short entered at 0.7465 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 28 16 10:38 GMT

As aussie has rebounded after holding above previous support at 0.7306, suggesting further consolidation would be seen and initial recovery from here cannot be ruled out, however, as long as resistance at 0.7452 (yesterday's high) holds, mild downside bias remains for another decline, break of said support at 0.7306 would signal the fall from last week's high of 0.7649 has resumed and extend weakness to

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Trade Idea: EUR/GBP - Buy at 0.8210 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 27 16 14:36 GMT

The single currency has risen again after finding renewed buying interest at 0.7980, suggesting recent upmove is still in progress and we are keeping our view that only wave iii ended earlier at 0.8117 and recent wave C is still in progress in wave v and may extend further gain to 0.8370-75, then 0.8400, however, overbought condition should prevent sharp move beyond

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 27 16 14:26 GMT

Although the greenback has rebounded after finding support at 1.2896, a sustained breach above last week's high at 1.3099 is needed to signal the rise from 1.2654 has resumed and extend gain towards resistance at 1.3144, once this level is penetrated, this would signal the fall from 1.3188 has ended at 1.2654, bring retest of 1.3188.

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Trade Idea: EUR/JPY - Sell at 112.85 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 27 16 10:59 GMT

Although euro rebounded after tumbling to 109.49 last week, renewed selling interest emerged at 115.47 and price has retreated since, suggesting consolidation with downside bias would be seen for weakness to 111.00, then towards 110.20-30, however, break of said support at 109.49 is needed to confirm recent decline has resumed and extend weakness to

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Trade Idea: AUD/USD - Hold short entered at 0.7465 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jun 27 16 10:47 GMT

Although aussie rebounded after dropping to 0.7306 on Friday, as 0.7511 capped upside and price opened lower earlier today, retaining our bearishness and consolidation with downside bias is seen for weakness to 0.7370-75, break there would suggest the rebound from 0.7306 has ended, bring retest of this level, break there would extend the fall from 0.7649 (last week's high) to

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