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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 - Hold long entered at 0.7135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 15 14:11 GMT

Although the single currency has retreated after intra-day bounce to 0.7212, as long as yesterday's low at 0.7117 holds, further consolidation would be seen with mild upside bias for another rebound, above said resistance at 0.7212 would add credence to our view that low has possibly been formed, then a stronger rebound to resistance at 0.7235-36 and another previous resistance at 0.7278 would follow.

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Trade Idea: USD/CAD - Sell at 1.2320 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 15 14:08 GMT

Although the greenback has retreated after meeting resistance at 1.2306, reckon support at 1.2088 (last week's low) would limit downside and bring further consolidation, above 1.2210-15 would bring another corrective rebound to said resistance at 1.2306 but reckon 1.2325-30 would limit upside and bring another decline later. A break of 1.2088 would confirm the fall from 1.2835 top (peak of wave iii) has resumed and this wave iv may extend weakness to 1.2050

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Trade Idea: EUR/JPY - Buy again at 129.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 15 08:37 GMT

As the single currency has rallied again after finding renewed buying interest at 127.88 yesterday, adding credence to our view that low has been formed at 126.09 last week  and bullishness remains for this rise to bring retracement of early decline to 130.50 and then131.00, however, reckon resistance at 131.30 would hold on first testing due to near term overbought condition.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 15 08:28 GMT

As aussie has rebounded again after finding support at 0.7711 yesterday, suggesting another test of last week's high at 0.7843 would be seen, however, break there is needed to signal the erratic rise from 0.7533 low (tentatively wave (5) trough) has resumed for retracement of early decline to resistance at 0.7884, then test of key resistance at 0.7938, only break there would provide confirmation, then a stronger rebound would follow

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Trade Idea: EUR/GBP - Hold long entered at 0.7135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 15 15:02 GMT

As the single currency has rebounded after intra-day marginal fall to 0.7117, suggesting low has possibly been formed and consolidation with mild upside bias remains for test of 0.7205-10, break there would add credence to this view, then a stronger rebound to resistance at 0.7235-36, then towards another previous resistance at 0.7278. Having said that, above latter level is needed to add credence to this view

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Trade Idea: USD/CAD - Sell at 1.2380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 15 14:55 GMT

Although the greenback has retreated again after early rebound to 1.2306, as long as support at 1.2088 holds, further consolidation is in store and prospect of another corrective rebound remains, above said resistance at 1.2306 would bring retracement of recent decline towards 1.2380-90 where renewed selling interest would emerge, bring another decline later, a break of 1.2088 would confirm the fall from 1.2835 top (peak of wave iii) has resumed and this wave iv may extend weakness to 1.2050

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Trade Idea: EUR/JPY - Stopped profit and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 15 10:30 GMT

Despite intra-day brief retreat to 127.88 (took out our profit-protection stop at 128.00), as the single currency found renewed buying interest there and has risen again, suggesting the erratic rise from from 126.09 (last week's low) is still in progress for a retracement of recent decline to 129.40-45. Looking ahead, only break of resistance at 129.77 would add credence to this view, bring stronger correction to 130.00 first.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 15 10:21 GMT

Despite yesterday's rebound to 0.7807, as the Australian dollar has retreated again, retaining our view tht further consolidation below last week' high at 0.7843 would be seen and test of support at 0.7683 cannot be ruled out, however, only break of 0.7649 (previous resistance) would signal the rebound from 0.7533 has ended at 0.7843, bring further decline to 0.7600 but reckon support at 0.7572 would hold from here.

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Trade Idea: EUR/GBP - Hold long entered at 0.7135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 15 15:03 GMT

Although the single currency has fallen again today after BOE and near term downside risk remains for marginal weakness, as this move from 0.7385 is still viewed as retracement of the rise from 0.7014, reckon downside would be limited and bring rebound later. Above resistance at 0.7235-36 would suggest low has possibly been formed but break of resistance at 0.7278 is needed to add credence to this view, bring test of 0.7315, above there would confirm

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Trade Idea: USD/CAD - Sell at 1.2380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 15 14:57 GMT

Although the greenback has retreated from 1.2306, reckon downside would be limited to support at 1.2180 and bring another corrective bounce later, above said resistance would bring retracement of recent decline to 1.2330-40 but reckon upside would be limited to 1.2380-90 and bring another decline later, a break of 1.2180 would bring retest of said support at 1.2088, below there would signal the fall from 1.2835 top (peak of wave iii) has resumed and this wave iv may extend weakness to 1.2050

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Trade Idea: EUR/JPY - Hold long entered at 127.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 15 10:06 GMT

The single currency found renewed buying interest at 127.45 yesterday and has staged the anticipated rebound, retaining our bullishness and current break of previous resitsance at 128.79 adds credence to our view that a temporary low has been formed at 126.09 (last week's low), hence upside bias remains for a retracement of recent decline to 129.40-45. Looking ahead, only break of resistance at 129.77 would add credence to this view, bring stronger correction to 130.00

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 15 10:01 GMT

Although aussie has rebounded after finding support at 0.7683 and gain towards resistance at 0.7843 (last Friday's high) cannot be ruled out, break there is needed to revive near term bullishness for the erratic rise from 0.7533 low (tentatively wave (5) trough) to bring retracement of early decline to resistance at 0.7884, then test of key resistance at 0.7938, only break there would provide confirmation, then a stronger rebound would follow towards psychological level at 0.8000 would follow.

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Trade Idea: EUR/GBP - Buy at 0.7135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 21 15 14:30 GMT

As the single currency has retreated after meeting renewed selling interest at 0.7235 yesterday, retaining our view that the decline from 0.7385 is still in progress and may extend weakness to 0.7154-56 (previous support and 61.8% Fibonacci retracement of 0.7014-0.7385), however, as this move is still viewed as retracement of the rise from 0.7014, reckon downside would be limited to 0.7130-35, bring rebound later. Above resistance at 0.7235-36 would suggest low has possibly been formed

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Trade Idea: USD/CAD - Sell at 1.2380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 21 15 14:29 GMT

As the greenback has rebounded after falling to 1.2088 late last week, consolidation above this level is in store, reckon upside would be limited to 1.2380-90 and bring another decline later, a break of 1.2180 would bring retest of said support at 1.2088, below there would signal the fall from 1.2835 top (peak of wave iii) is still in progress and this wave iv may extend weakness to 1.2050 but psychological support at 1.2000 should remain intact. We are keeping our count that the wave iv from 1.2835 is developing into a complex correction wave iv

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Trade Idea: EUR/JPY - Hold long entered at 127.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 21 15 10:21 GMT

Although the single currency has retreated again after meeting renewed selling interest at 128.47 and near term downside risk remains for marginal weakness, still reckon downside would be limited and bring another rise later, above said resistance would signal the retreat from 128.79 has ended and bring retest of this level, break there would extend the rebound from 126.09 (last week's low) for retracement of recent decline to 129.00, then 129.40-45. Looking ahead, only break of resistance at 129.77 would add credence to this view

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Trade Idea: AUD/USD - Exit long entered at 0.7730 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 21 15 10:20 GMT

Although aussie has recovered from 0.7683, yesterday's sharp retreat suggest top has possibly been formed at 0.7843 on Friday and near term downside risk remains for weakness to 0.7660-70, however, only a firm break below previous resistance at 0.7649 would add credence to this view, then further decline to 0.7600 would follow but reckon support at 0.7572 would hold from here.

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Trade Idea: EUR/GBP - Buy at 0.7135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 20 15 14:05 GMT

Despite recovering to 0.7235, as the single currency has retreated again, retaining our view that the decline from 0.7385 is still in progress and may extend weakness to 0.7154-56 (previous support and 61.8% Fibonacci retracement of 0.7014-0.7385), however, as this move is still viewed as retracement of the rise from 0.7014, reckon downside would be limited to 0.7130-35, bring rebound later. Above resistance at 0.7235-36 would suggest low has possibly been formed

Read more...
 
Trade Idea: USD/CAD - Sell at 1.2325 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 20 15 14:03 GMT

Although the greenback rebounded after falling to 1.2088 on Friday and consolidation above this level is in store, reckon upside would be limited to 1.2320-30 and bring another decline later, a break of said support would signal the fall from 1.2835 top (peak of wave iii) is still in progress and this wave iv may extend weakness to 1.2050 but psychological support at 1.2000 should remain intact. We are keeping our count that the wave iv from 1.2835 is developing into a complex correction wave iv

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Trade Idea: EUR/JPY - Hold long entered at 127.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 20 15 09:29 GMT

As the single currency has retreated after intra-day initial brief rise to 128.79, suggesting consolidation would be seen, however, reckon downside would be limited to 127.50 and bring another rise later, above said resistance would extend the rebound from 126.09 (last week's low), bring retracement of recent decline to 129.00, then 129.40-45 but break of resistance at 129.77 is needed to add credence to this view, bring stronger correction to 130.00

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Trade Idea: AUD/USD - Buy at 0.7730 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 20 15 09:24 GMT

As aussie has retreated after faltering below Friday's high of 0.7843, suggesting consolidation below this level would be seen and pullback to 0.7730 cannot be ruled out, however, previous resistance at 0.7701 would limit downside and bring another rise later, above said resistance would add credence to our view that a temporary low has been formed at 0.7533 earlier (tentatively wave (5) trough) and consolidation with mild upside bias remains for retracement of early decline towards resistance at 0.7884

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