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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 0.8220 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 14 15:07 GMT

Although euro has retreated from 0.8246, yesterday's rebound suggests low is possibly formed at 0.8198 earlier this week and consolidation with mild upside bias remains for gain to 0.8250 and then 0.8265-70, break of latter level would add credence to this view and bring at least a retracement of recent fall to 0.8283-85 but break of resistance at 0.8310-15 is needed to signal recent decline has ended

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Trade Idea: USD/CAD - Buy again at 1.0930 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 14 15:03 GMT

Despite yesterday's anticipated rise to 1.1053, overbought condition suggests first leg of rise from 1.0858 (tentatively wave iv trough) would be limited to 1.1065-70 (50% Fibonacci retracement of 1.1279-1.0858), risk from there has increased for a retreat, below 1.1000 would bring weakness to 1.0980-85 and possibly 1.0960 but downside should be limited to 1.0915-20 and bring another rise later.

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Trade Idea: EUR/JPY - Sell at 142.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 14 09:19 GMT

Euro's near term sideways trading is expected to continue and although near term upside risk remains for the rebound from 140.08 to extend marginal gain, still reckon 142.15-20 (61.8% Fibonacci retracement of 143.48-140.08) would limit upside and bring another decline later. Below 140.99 would bring weakness to 140.60-65, break there would bring test of previous support at 139.96

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Trade Idea: AUD/USD - Buy at 0.9215 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 24 14 09:16 GMT

As aussie has remained under pressure after yesterday's selloff, retaining our view that temporary top has been formed at 0.9461 and near term downside risk remains for retracement of recent rise in wave iv to 0.9250-55, however, reckon support at 0.9206 (previous 4th of a lesser degree) should limit downside and bring another rise later.

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Trade Idea: EUR/GBP - Buy at 0.8220 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 14 14:56 GMT

As the single currency has staged a strong rebound after falling to 0.8198 yesterday (just held above previous support at 0.8191), suggesting low is possibly formed there and consolidation with mild upside bias is seen for gain to 0.8250 and then 0.8265-70, break of latter level would add credence to this view and bring at least a retracement of recent fall to 0.8283-85

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Trade Idea: USD/CAD - Exit long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 14 14:48 GMT

As the greenback has risen again after brief retreat to 1.1001 yesterday, bullishness remains for the rebound from 1.0858 low to bring at least a retracement of recent decline and gain towards 1.1065-70 (50% Fibonacci retracement of 1.1279-1.0858) is likely, however, near term overbought condition should limit upside and price should falter well below 1.1115-20 

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Trade Idea: EUR/JPY - Sell at 142.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 14 09:54 GMT

The single currency edged higher again today, retaining our view that near term upside risk remains for the rebound from 140.08 to extend marginal gain, however, still reckon 142.15-20 (61.8% Fibonacci retracement of 143.48-140.08) would limit upside and bring another decline later. Below 140.99 would bring weakness to 140.60-65, break there would bring test of previous support at 139.96

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Trade Idea: AUD/USD - Buy at 0.9215 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 23 14 09:50 GMT

Aussie met renewed selling interest at 0.9378 yesterday and has dropped quite sharply today, retaining our view that temporary top has been formed at 0.9461, hence consolidation with mild downside bias remains for retracement of recent rise in wave iv to 0.9250-55, however, reckon support at 0.9206 (previous 4th of a lesser degree) should limit downside and bring another rise later.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 14 13:59 GMT

Although the single currency has fallen again after brief recovery and broke below support at 0.8215 (last week's low) and near term downside risk remains for marginal weakness from here, still reckon downside would be limited to 0.8191, loss of momentum should should keep price well above recent low of 0.8158. Only a break of previous support at 0.8158 would extend early decline from 0.8769 in final leg of wave (c) to 0.8130-35

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 14 13:58 GMT

As last week's high of 1.1034 has continued to cap the pair's upside, suggesting further consolidation would be seen and pullback to 1.0980-85 cannot be ruled out, however, reckon support at 1.0960 would limit downside and bring another rise later, above said resistance would extend the rise from 1.0858 low for at least a retracement of recent decline to 1.1065-70 (50% Fibonacci retracement of 1.1279-1.0858), break there would add credence to our view that low has been formed at 1.0858 as either the first leg of iv or entire wave iv

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Trade Idea: EUR/JPY - Sell at 142.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 14 09:57 GMT

Euro's rebound after finding support at 140.23 last week suggests near term upside risk remains for test of 141.90, however, reckon 142.15-20 (61.8% Fibonacci retracement of 143.48-140.08) would limit upside and bring another decline later. Below 140.99 would bring weakness to 140.60-65, break there would bring test of previous support at 139.96 (tentatively wave 1 bottom), a drop below there would confirm our bearish count and extend the decline from 143.79 (wave B top) in wave 3 for fall to 139.40-50

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Trade Idea: AUD/USD - Buy at 0.9260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 22 14 09:52 GMT

Although the Australian dollar has rebounded again after finding support at 0.9315 last week, still reckon 0.9426 would limit upside and near term downside risk remains for another corrective fall to previous resistance at 0.9305-08, however, renewed buying interest should emerge around 0.9250-60, bring another rise later. A break of said resistance at 0.9426 would signal pullback from 0.9461 has ended and bring retest of this level, above there would confirm recent upmove is still in progress in wave v of iii

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 17 14 15:08 GMT

Although the single currency has remained under pressure and marginal weakness from here cannot be ruled out, still reckon downside would be limited to 0.8191, loss of momentum should should keep price well above recent low of 0.8158. Only a break of previous support at 0.8158 would extend early decline from 0.8769 in final leg of wave (c) to 0.8130-35

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 17 14 14:44 GMT

Despite yesterday's rise to 1.1034, as the greenback has retreated again, suggesting minor consolidation would be seen but as long as indicated support at 1.0942 holds, near term bullishness remains for the rise from 1.0858 low to bring at least a retracement of recent decline to 1.1065-70 (50% Fibonacci retracement of 1.1279-1.0858), break there would add credence to our view that low has been formed at 1.0858

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Trade Idea: EUR/JPY - Sell at 142.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 17 14 09:35 GMT

As the single currency has rebounded again after finding support at 140.99, suggesting near term upside risk remains for test of 141.90, however, reckon 142.15-20 (61.8% Fibonacci retracement of 143.48-140.08) would limit upside and bring another decline later. Below 140.99 would bring weakness to 140.60-65, break there would bring weakness to previous support at 139.96 

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Trade Idea: AUD/USD - Buy at 0.9260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 17 14 09:31 GMT

Although aussie recovered after falling to 0.9332 yesterday, reckon 0.9426 would limit upside and near term downside risk remains for correction to previous resistance at 0.9305-08, however, renewed buying interest should emerge around 0.9250-60, bring another rise later. A break of said resistance at 0.9426 would signal pullback from 0.9461 has ended and bring retest of this level, above there would confirm recent upmove is still in progress in wave v of iii for gain towards 0.9500

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 15:04 GMT

Current break of previous support at 0.8231 dampened our near term bullishness and downside risk remains for the fall from 0.8400 to 0.8200, however, loss of downward momentum should prevent sharp fall below 0.8180 and price should stay well above recent low of 0.8158. Only a break of previous support at 0.8158 would extend early decline from 0.8769 in final leg of wave (c) to 0.8130-35

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 15:00 GMT

As long as indicated support at 1.0942 holds, near term bullishness remains for the rise from 1.0858 low to bring at least a retracement of recent decline to 1.1019 (38.2% Fibonacci retracement of 1.1279-1.0858), break there would add credence to our view that low has been formed at 1.0858 as either the first leg of iv or entire wave iv, then gain to 1.1045-50 would follow

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Trade Idea: EUR/JPY - Sell at 142.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 09:01 GMT

Despite yesterday's brief fall to 140.23, as the single currency has rebounded after holding above support at 140.08, retaining our view that consolidation would be seen and gain to 141.90 cannot be ruled out, however, reckon 142.15-20 (61.8% Fibonacci retracement of 143.48-140.08) would limit upside and bring another decline later. Below 140.60-65 would bring weakness to previous support at 139.96

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Trade Idea: AUD/USD - Buy at 0.9260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 08:48 GMT

Aussie's retreat from 0.9461 (last week's high) has retained our view that further consolidation below this level would be seen and correction to previous resistance at 0.9305-08 cannot be ruled out, however, renewed buying interest should emerge around 0.9250-60, bring another rise later. A break of said resistance at 0.9461 would signal recent upmove is still in progress in wave v of iii for gain towards 0.9500

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