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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 | Mar 26 15 15:13 GMT

Although the single currency has maintained a firm undertone and near term upside risk remains for the rise from 0.7014 low (tentatively wave v trough) to bring retracement of recent decline and gain to 0.7400 would be seen, however, reckon upside would be limited to 0.7429-33 (previous resistance and 100% projection of 0.7014-0.7293 measuring from 0.7154) and reckon 0.7445 (50% Fibonacci retracement of 0.7875-0.7014) would hold

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Trade Idea: USD/CAD - Hold long entered at 1.2470 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 26 15 15:11 GMT

Despite intra-day brief fall to 1.2411, as the greenback found support there and has rebounded, suggesting consolidation would be seen and as long as this level holds, mild upside bias is seen for test of 1.2540-50, however, break of 1.2615-20 is needed to signal low has been formed (tentatively wave c trough) and bring a stronger rebound to 1.2670, then 1.2700-10 but price shuld falter well below resistance at 1.2758.

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Trade Idea: EUR/JPY - Buy at 130.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 26 15 09:41 GMT

Euro's retreat after faltering below this week's high of 131.51 suggests minor consolidation would be seen, however, downside should be limited to 130.00 and bring another rise, above 131.51 would bring retest of 131.73 (last week's high) but break there is needed to add credence to our count that wave v has ended at 126.91 earlier, bring retracement of recent decline to 132.50, then 133.00

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Trade Idea: AUD/USD - Buy at 0.7770 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 26 15 09:37 GMT

Aussie's retreat after rising to 0.7938 earlier this week suggests minor consolidation would be seen and we are keeping our view that the wave (5) has possibly ended at 0.7560 earlier this month and consolidation with upside bias is seen for retracement of recent decline to 0.7950 and possibly towards psychological resistance at 0.8000, however, overbought condition should prevent sharp move beyond there

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 25 15 14:46 GMT

The single currency has continued to move higher and near term upside risk remains for the rise from 0.7014 low (tentatively wave v trough) to bring retracement of recent decline and gain to 0.7400 would be seen, however, reckon upside would be limited to 0.7429-33 (previous resistance and 100% projection of 0.7014-0.7293 measuring from 0.7154) and reckon 0.7445 (50% Fibonacci retracement of 0.7875-0.7014) would hold

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Trade Idea: USD/CAD - Buy at 1.2470 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 25 15 14:41 GMT

As the greenback has rebounded after falling to 1.2428 yesterday, suggesting low has possibly been formed there and consolidation with upside bias is seen for gain to 1.2550-60, then towards 1.2615-20 but break of latter level is needed to add credence to this view, bring a stronger rebound to 1.2690-00. Having said that, only break of 1.2720-25 would signal the correction from 1.2835 has ended and bring test of resistance at 1.2758 first

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Trade Idea: EUR/JPY - Buy at 130.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 25 15 09:28 GMT

The single currency has maintained a firm undertone after staging a strong rebound from 128.37, suggesting another test of resistance at 131.73 (last week's high) cannot be ruled out, however, break there is needed to add credence to our count that wave v has ended at 126.91 earlier, bring retracement of recent decline to 132.50, then 133.00, otherwise, further choppy trading is in store.

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Trade Idea: AUD/USD - Buy at 0.7770 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 25 15 09:12 GMT

Although aussie has retreated from 0.7938, yesterday's breach of previous resistance at 0.7913 adds credence to our view that the wave (5) has possibly ended at 0.7560 earlier this month and consolidation with upside bias is seen for retracement of recent decline to 0.7950 and possibly towards psychological resistance at 0.8000 which, however, overbought condition should prevent sharp move beyond there

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 24 15 14:35 GMT

The single currency has risen again today, suggesting the rise from 0.7014 low (tentatively wave v trough) is still in progress and near term upside risk remains for this move to bring retracement of recent decline, hence gain to 0.7400 cannot be ruled out, however, still reckon previous resistance at 0.7429 would limit upside and bring retreat later.

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Trade Idea: USD/CAD - Buy at 1.2470 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 24 15 14:09 GMT

Although the greenback slipped again to 1.2428, current rebound suggests low has possibly been formed there and consolidation with upside bias is seen for gain to 1.2550-60, then towards 1.2615-20 but break of latter level is needed to add credence to this view, bring a stronger rebound to 1.2690-00. Having said that, only break of 1.2720-25 would signal the correction from 1.2835 has ended and bring test of resistance at 1.2758 first, above there would provide confirmation.

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Trade Idea: EUR/JPY - Buy at 130.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 24 15 09:50 GMT

The single currency staged a strong rebound after finding renewed buying interest at 129.29 yesterday, suggesting another test of resistance at 131.73 (last week's high) cannot be ruled out, however, break there is needed to add credence to our count that wave v has ended at 126.91 earlier, bring retracement of recent decline to 132.50, then 133.00, otherwise, further choppy trading is in store.

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Trade Idea: AUD/USD - Buy at 0.7770 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 24 15 09:46 GMT

Aussie broke above previous resistance at 0.7847 and has maintained a firm undertone, suggesting wave (5) has possibly ended earlier at 0.7560 earlier this month and consolidation with upside bias is seen for test of previous resistance at 0.7913 but a firm break above there is needed to add credence to this view, bring retracement of recent decline to 0.7950 and possibly towards psychological resistance at 0.8000 which is likely to hold from here.

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Trade Idea: EUR/GBP - Hold short entered at 0.7325 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 23 15 14:36 GMT

Although the single currency has rallied again after brief pullback, current a leg of the correction from 0.7014 (tentatively wave v trough) should be limited to 0.7350 and bring retreat later, below 0.7265-70 would suggest top is possibly formed but break of 0.7225-30 is needed to signal top is formed, bring weakness to 0.7200, then towards support at 0.7154 which is likely to contain euro's downside, bring another rise later.

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Trade Idea: USD/CAD - Sell at 1.2650 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 23 15 14:28 GMT

Despite last week's strong rebound to 1.2758, the subsequent fall from there signals the rebound from 1.2449 has ended there and consolidation with downside bias is seen for another test of this level, however, break of this wave a trough is needed to retain bearishness and signal wave c is underway for retracement of recent upmove to 1.2400 but previous support at 1.2352 should hold on first testing.

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Trade Idea: EUR/JPY - Buy at 128.75 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 23 15 08:48 GMT

Despite last week's rebound to 130.70, the subsequent retreat suggests further consolidation would be seen and initial downside risk is for weakness to 129.00, however, reckon 128.70-75 would limit downside and support at 128.37 should hold, bring another rebound later. Above Friday's high at 130.70 would bring further subsequent gain towards 131.73 (last week's high), only a break of this resistance would add credence to our count that wave v has ended at 126.91 earlier, bring retracement of recent decline to 132.50, then 133.00.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 23 15 08:37 GMT

Aussie's stronger-than-expected rebound from 0.7612 suggests recent decline is not ready to resume and further choppy trading is in store, however, only break of resistance at 0.7847 would bring retracement of recent decline to previous resistance at 0.7913 and then towards 0.7950 but price should falter below psychological resistance at 0.8000, bring another decline later.

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Trade Idea: EUR/GBP - Buy at 0.7100 or Sell at 0.7325 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 20 15 14:22 GMT

The single currency has rebounded after finding support at 0.7154 and further consolidation is in store, although test of resistance at 0.7293 cannot be ruled out, still reckon upside would be limited to 0.7300-05 (50% Fibonacci retracement of 0.7592-0.7014) and 0.7325-30 should hold, bring another decline later. Below 0.7150-55 would risk weakness to 0.7100 before prospect of another rebound later.

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 20 15 14:16 GMT

The greenback has retreated after staging a strong rebound from 1.2449 to 1.2758, retaining our view further consolidation would be seen in wave iv and weakness to 1.2550 cannot be ruled out, however, break of 1.2500 is needed to signal the b leg of wave iv has ended at 1.2758, bring another test of said support at 1.2449, then 1.2400 but previous support at 1.2352 should remain intact.

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Trade Idea: EUR/JPY - Buy at 129.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 20 15 09:59 GMT

As euro has rebounded after finding support at 128.37 yesterday, suggesting consolidation with mild upside bias would be seen for gain to 130.00-10, however, break there is needed to signal the retreat from 131.73 (this week's high) has ended at 128.37, bring further gain to 130.40-50 and then 131.00 but reckon said resistance at 131.73 would hold from here. Only a break of this resistance at 131.73 would add credence to our count that wave v has ended at 126.91 earlier

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Trade Idea: AUD/USD - Sell at 0.7730 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 20 15 09:45 GMT

Despite this week's initial strong rebound to 0.7847, the subsequent sharp retreat suggest the rebound from 0.7560 has possibly ended there and consolidation with downside bias is seen for weakness towards support at 0.7591, however, break there is needed to add credence to this view, bring retest of 0.7560. Looking ahead, break there is needed to confirm recent decline has resumed and extend further weakness to 0.7500, however, oversold condition should prevent sharp fall below 0.7450

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