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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 0.7855 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 14 14:41 GMT

Lack of follow through buying last week's breach of resistance at 0.7933 and the subsequent retreat from 0.7940 suggest near term downside risk remains for another test of last week's low at 0.7874, break there would extend recent decline towards 0.7850-55, however, as this move is still viewed as the final leg of recent impulsive wave, downside should be limited and 0.7815-20 would hold, bring rebound later. A firm breach above last week's high of 0.7940 would suggest a temporary low is possibly formed

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Trade Idea: USD/CAD - Buy at 1.0770 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 14 14:34 GMT

The greenback has rallied on Friday and broke above previous resistance at 1.0794, adding credence to our view that low has been formed at 1.0621 earlier this month and consolidation with upside bias remains for at least a retracement of recent decline to 1.0850 but break of resistance at 1.0896 is needed to retain bullishness and encourage for headway towards 1.0940-50 but reckon 1.1000 would hold from here.

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Trade Idea: EUR/JPY - Buy at 136.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 14 08:56 GMT

Although the single currency retreated after last week's rebound to 137.25, as long as last week's low at 136.37 holds, consolidation with mild upside bias is seen for another rebound, above said resistance would suggest low is possibly formed, bring test of  137.90-00 and then towards resistance at 138.45 which is likely to hold from here, bring another selloff later.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 14 08:49 GMT

Despite last week's stronger-than-expected rebound to 0.9472, the subsequent retreat has retained our consolidative view and test of 0.9360-65 cannot be ruled out, however, only a break of indicated support at 0.9322 would revive our near term bearish view that top is possibly formed at 0.9505, bring retracement of recent upmove to 0.9290-00 and possibly 0.9250, however, reckon support at 0.9229 would hold

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Trade Idea: EUR/GBP - Buy at 0.7855 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 25 14 15:04 GMT

Despite yesterday's breach of resistance at 0.7933, lack of follow through buying and current retreat suggest near term downside risk remains for another test of this week's low at 0.7874, break there would extend recent decline towards 0.7850-55, however, as this move is still viewed as the final leg of recent impulsive wave, downside should be limited and 0.7815-20 would hold, bring rebound later.

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Trade Idea: USD/CAD - Buy at 1.0740 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 25 14 14:38 GMT

The greenback has rebounded again after holding above support at 1.0709, suggesting another test of resistance at 1.0794 would be seen, above there would add credence to our view that low has been formed at 1.0621 earlier and bring at least a retracement of recent decline to 1.0814 (previous support), then 1.0850 but break of resistance at 1.0896 is needed to retain bullishness and encourage for headway towards 1.0940-50.

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Trade Idea: EUR/JPY - Buy at 136.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 25 14 08:35 GMT

Euro's rebound after yesterday's brief fall to 136.37 suggests consolidation above this support would be seen with mild upside bias for a test of this week's high at 137.34, however, a break there is needed to suggest low is possibly formed, bring a stronger rebound to 137.90-00 and possibly towards resistance at 138.45 (last week's high) which is likely to hold from here, bring another selloff later.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 25 14 08:30 GMT

Although the Australian dollar has retreated after meeting resistance at 0.9472 yesterday and further choppy trading is in store, reckon downside would be limited to 0.9360-65, only break of indicated support at 0.9322 would revive our near term bearish view that top is possibly formed at 0.9505, bring retracement of recent upmove to 0.9290-00 and possibly 0.9250, however, reckon support at 0.9229 would hold

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Trade Idea: EUR/GBP - Buy at 0.7905 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 24 14 15:08 GMT

Euro's rebound after falling to 0.7874 suggests a temporary low is possibly formed and consolidation with mild upside bias is seen for test of resistance at 0.7980-85, break there would add credence to this view, bring correction towards 0.8000, a sustained breach above there would signal wave v has possibly ended at 0.7874 and bring test of resistance at 0.8034 (previous 4th of a lesser degree) which is likely to hold on first testing.

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 24 14 15:02 GMT

The greenback has continued to trade narrowly and further consolidation within recent range would be seen, only a firm breach above resistance at 1.0794 would signal low has been formed at 1.0621 earlier and bring at least a retracement of recent decline to 1.0814 (previous support), then 1.0850 but reckon resistance at 1.0896 would hold from here, bring another decline later.

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Trade Idea: EUR/JPY - Buy at 136.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 24 14 09:25 GMT

Although the single currency fell briefly to 136.37, lack of follow through selling on break of yesterday's low of 136.41 and current rebound suggest consolidation above said support would be seen and test of this week's high at 137.34 is likely, a break there would suggest low is possibly formed, bring a stronger rebound to 137.90-00 and possibly towards resistance at 138.45 (last week's high) which is likely to hold from here

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 24 14 09:11 GMT

Aussie's rebound after holding above indicated previous support at 0.9322 turned out to be stronger than expected, dampening our near term downside bias and gain towards recent high of 0.9505 cannot be ruled out, however, break there is needed to confirm upmove has resumed and extend gain to 0.9555-60 (61.8% projection of 0.8890-0.9461 measuring from 0.9203), however, reckon upside would be limited to 0.9600-10

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Trade Idea: EUR/GBP - Buy at 0.7815 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 15:08 GMT

Although the single currency has fallen again today and near term downside risk remains for recent decline in wave v of iii to extend further weakness to 0.7855-60, loss of downward momentum should prevent sharp fall below 0.7815-20, risk from there is seen for a rebound to take place place later, above resistance at 0.7933 would suggest low is possibly formed but only break of 0.7980-85 would add credence to this view

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 15:04 GMT

The greenback has remained confined within recent range and the retreat from 1.0794 suggests further consolidation below this level would be seen, a firm breach above said resistance at 1.0794 is needed to signal low has been formed at 1.0621 earlier and bring at least a retracement of recent decline to 1.0814 (previous support), then 1.0850 but reckon resistance at 1.0896 would hold from here, bring another decline later.

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Trade Idea: EUR/JPY - Sell at 137.35 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 09:29 GMT

As the single currency has fallen again after meeting renewed selling interest at 137.34 yesterday, adding credence to our bearishness for recent decline to extend further weakness to previous support at 136.23, break there would add credence to our view that top has been formed at 143.79 as the peak of wave B and impulsive wave C should bring further weakness to 135.50, then towards 135.00-10

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Trade Idea: AUD/USD - Hold short entered at 0.9400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 09:22 GMT

As the Australian dollar has rebounded again today after the release of higher-than-expected CPI data, dampening our bearishness and indicated resistance at 0.9457 needs to hold to retain prospect of another decline, below 0.9360-65 would bring another test of previous support at 0.9322 but a break of this level is needed to add credence to our view that top has been formed at 0.9505 earlier, bring retracement of recent upmove to 0.9290-00

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Trade Idea: EUR/GBP - Buy at 0.7815 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 14:00 GMT

As the single currency has remained under pressure after meeting renewed selling interest at 0.7933 last week, suggesting near term downside risk remains for recent decline in wave v of iii to extend further weakness to 0.7855-60, however, loss of downward momentum should prevent sharp fall below 0.7815-20, risk from there is seen for a rebound to take place place later, above said resistance at 0.7933 would suggest low is possibly formed

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 13:52 GMT

Despite last week's rebound to 1.0794, subsequent retreat suggests further consolidation would be seen and a firm breach above said resistance is needed to signal low has been formed at 1.0621 earlier and bring at least a retracement of recent decline to 1.0814 (previous support), then 1.0850 but reckon resistance at 1.0896 would hold from here, bring another decline later.

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Trade Idea: EUR/JPY - Sell at 137.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 08:10 GMT

Euro's consolidation after last week's fall to 136.71 is likely to continue and although recovery to 137.60-70 cannot be ruled out, reckon 138.00-10 would hold and bring another decline later. We are keeping our view that top has been formed at 143.79 as the peak of wave B and impulsive wave C has commenced from there with wave 1 ended at 139.96, followed by wave 2 at 143.48 and wave 3 is unfolding, hence bearishness remains for current wave 3 to extend further weakness to 136.50 and possibly previous support at 136.23

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Trade Idea: AUD/USD - Hold short entered at 0.9400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 08:05 GMT

Aussie's rebound after holding above indicated previous support at 0.9322 suggests further consolidation would be seen but still reckon Friday's high at 0.9411 would limit upside and bring another decline later. A break of said support at 0.9322 would add credence to our view that top has been formed at 0.9505 earlier, bring retracement of recent upmove to 0.9290-00 and possibly 0.9250 but reckon support at 0.9229 would hold on first testing.

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