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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 - Sell at 0.7600 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 30 15 14:43 GMT

Euro's rebound after finding support at 0.7442 yesterday has retained our view that further consolidation above this week's low at 0.7405 would be seen with mild upside bias for another corrective bounce to 0.7550, however, reckon upside would be limited to 0.7600-10 and bring another decline later, a break of 0.7442 would bring retest of said support at 0.7405 but break there is needed to signal decline has resumed in wave iii for weakness to 0.7370 and then 0.7350

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 30 15 14:40 GMT

The greenback has continued to surge and bullishness remains for recent upmove to extend further gain in wave iii towards 1.2820-25 (2.618 times extension of 1.1191-1.1674 measuring from 1.1560) and possibly towards 1.2870-80, however, loss of near term upward momentum should  prevent sharp move beyond 1.2900-10 and reckon 1.2950-60 would hold from here, risk from there remains for a strong pullback to take place later.

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Trade Idea: EUR/JPY - Buy at 131.50 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 30 15 10:47 GMT

As the single currency has remained confined in narrow range, suggesting further sideways trading would be seen and pullback to 132.30-40 cannot be ruled out, however, if our view that a temporary low formed at 130.15 is correct, downside should be limited to 131.50 and bring another rebound later. Above 134.36 resistance would add credence to this view, bring retracement of recent decline to 134.80, however, reckon upside would be limited to 135.06 resistance.

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Trade Idea: AUD/USD - Sell at 0.7850 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 30 15 10:41 GMT

As aussie has remained under pressure after yesterday's selloff, suggesting recent downtrend is still in progress and may extend further weakness to 0.7700, then 0.7650 would be seen, however, loss of downward momentum should prevent sharp fall below 0.7600 and price should stay above 0.7550-60, risk from there remains for another corrective bounce to take place later.

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Trade Idea: EUR/GBP - Sell at 0.7600 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 29 15 15:22 GMT

As the single currency has rebounded again today, retaining our view that further consolidation above this week's low at 0.7405 would be seen with mild upside bias for another corrective bounce to 0.7540-50, however, reckon upside would be limited to 0.7600-10 and bring another decline later, a break of said support at 0.7405 would signal decline has once again resumed in wave iii for weakness to 0.7370 and then 0.7350, however, loss of momentum should prevent sharp fall below 0.7325-30

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 29 15 15:18 GMT

The greenback has resumed recent upmove and has maintained a firm undertone, suggesting recent upmove is still in progress and current wave iii is likely to extend further gain to 1.2600, however, loss of near term upward momentum should  prevent sharp move beyond 1.2650-60, risk from there has increased for a strong pullback to take place later.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 29 15 10:14 GMT

As the single currency retreated after running into resistance at 134.36 yesterday, suggesting consolidation would be seen and pullback to 132.35-40 cannot be ruled out, however, if our view that a temporary low formed at 130.15 last week is correct, downside should be limited to 131.90-00 and reckon 131.40-50 should attract renewed buying interest, bring another rebound later.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 29 15 10:09 GMT

Aussie met renewed selling interest at 0.8025 yesterday and has resumed recent decline, dampening our near term bullishness and signal early selloff is still ini progress which may extend further weakness to 0.7790-00, however, loss of downward momentum should prevent sharp fall below 0.7750 and price should stay above 0.7700, risk from there remains for another corrective bounce to take place later.

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Trade Idea: EUR/GBP - Sell at 0.7600 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 28 15 15:23 GMT

Euro's near term sideways trading is likely to continue and as long as this week's low at 0.7405 holds, mild upside bias is seen for another corrective bounce to 0.7540-50, however, reckon upside would be limited to 0.7600-10 and bring another decline later, a break of said support at 0.7405 would signal decline has once again resumed in wave iii for weakness to 0.7370 and then 0.7350, however, loss of momentum should prevent sharp fall below 0.7325-30

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Trade Idea: USD/CAD - Hold short entered at 1.2400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 28 15 15:18 GMT

Although the greenback retreated from 1.2501, lack of follow through selling on break of 1.2400-05 suggests consolidation would be seen but reckon upside would be limited and bring another retreat later, below 1.2380 would suggest a minor top has possibly been formed at 1.2501, bring test of support at 1.2314 but break there is needed to add credence to this view, bring retracement of recent upmove to 1.2250

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 28 15 10:10 GMT

As the single currency edged higher again after staging a strong rebound from this week's low at 130.15, retaining our view that a minor low has possibly been formed there and consolidation above this level would take place with mild upside bias for correction to 134.40-50, then towards 134.80, however, reckon upside would be limited to 135.06 resistance and bring another decline later.

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Trade Idea: AUD/USD - Buy at 0.7950 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 28 15 10:07 GMT

As aussie has rebounded again after finding renewed buying interest at 0.7900, suggesting further consolidation above this week's low at 0.7858 would be seen and as long as 0.7900 holds, prospect of another rebound remains, above 0.8055-60 would suggest a temporary low has possibly been formed, bring retracement of recent decline to 0.8130-40 which is likely to hold on first testing.

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Trade Idea: EUR/GBP - Sell at 0.7600 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 27 15 14:49 GMT

The single currency has recovered again after finding support at 0.7435 today, retaining our view that further consolidation above yesterday's low of 0.7405 would be seen and corrective bounce to 0.7540-50 cannot be ruled out, however, reckon upside would be limited to 0.7600-10 and bring another decline later, a break of said support at 0.7405 would signal decline has once again resumed in wave iii for weakness to 0.7370 and then 0.7350

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Trade Idea: USD/CAD - Sell on break of 1.2400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 27 15 14:18 GMT

Although the greenback moved marginally higher to 1.2501 today, lack of follow through buying suggests the greenback is losing near term upward momentum and reckon 1.2525-30 (2 times extension of 1.1191-1.1674 measuring from 1.1560) would limit upside, price should falter below 1.2590-00, risk from there has increased for a much-needed correction to take place later. A break of 1.2400-05 would suggest a minor top is possibly formed

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 27 15 09:29 GMT

As the single currency has staged a rebound after yesterday's initial brief fall to 130.15, suggesting a minor low has possibly been formed there and consolidation above this level would take place with mild upside bias for correction to 134.00-10, then 134.50, however, reckon upside would be limited to 135.06 resistance and bring another decline later.

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Trade Idea: AUD/USD - Sell at 0.8050 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 27 15 09:15 GMT

Aussie's recovery after yesterday's initial fall to 0.7858 suggests minor consolidation would be seen and corrective bounce to 0.7990-00 cannot be ruled out, however, reckon 0.8050 would limit upside and bring another decline later, a break of said support at 0.7858 would extend recent decline to 0.7820-25 (61.8% projection of 0.8796-0.8033 measuring from 0.8295) and 0.7800

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Trade Idea: EUR/GBP - Sell at 0.7600 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 26 15 15:32 GMT

Although the single currency opened lower earlier today, lack of follow through selling and current rebound suggest consolidation above intra-day low at 0.7405 would be seen and recovery to 0.7540-50 cannot be ruled out, however, reckon upside would be limited to 0.7600-10 and bring another decline later, a break of said support would signal decline has once again resumed in wave iii for weakness to 0.7370 and then 0.7350

Read more...
 
Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 26 15 15:25 GMT

As the greenback edged higher to 1.2476 earlier today and near term upside risk remains for recent upmove to extend further gain to 1.2500, loss of upward momentum should prevent sharp move beyond 1.2540-50 and risk from there has increased for a much-needed correction to take place later this week.

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Trade Idea: EUR/JPY - Buy at 131.95 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 26 15 10:07 GMT

Despite intra-day initial brief fall to 130.15, as the single currency found good support there and has quickly rebounded, suggesting a minor low has possibly been formed there and consolidation above this level would take place with mild upside bias for correction to 133.50, then 134.00, however, reckon upside would be limited to 135.06 resistance and bring another decline later.

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Trade Idea: AUD/USD - Sell at 0.8050 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 26 15 09:59 GMT

As aussie has recovered after intra-day initial fall to 0.7858, suggesting minor consolidation would be seen and corrective bounce to 0.7990-00 cannot be ruled out, however, reckon 0.8050 would limit upside and bring another decline later, break of said support at 0.7858 would extend recent decline to 0.7820-25 (61.8% projection of 0.8796-0.8033 measuring from 0.8295) and 0.7800

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