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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 | Aug 25 16 14:56 GMT

Despite this week's anticipated decline to 0.8485, current rebound from there suggests consolidation would be seen and recovery to 0.8575-80 cannot be ruled out, however, reckon 0.8605-10 would limit upside and bring another decline later. Below 0.8500 would bring another test of said support, break there would extend the fall from 0.8725 top for retracement of recent upmove to 0.8470 and later towards 0.8440-50.

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Trade Idea: USD/CAD - Sell at 1.3030 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 25 16 14:53 GMT

Although the greenback rebounded after finding support at 1.2859 earlier this week and further consolidation above recent low at 1.2763 would be seen, reckon upside would be limited to 1.2980-85 (50% Fibonacci retracement of 1.3200-1.2763) and renewed selling interest should emerge around 1.3030-35 (61.8% Fibonacci retracement), bring retreat later, below said support at 1.2859 would suggest rebound from 1.2763 has possibly ended

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Trade Idea: EUR/JPY - Hold short entered at 113.30 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 25 16 09:53 GMT

As the single currency has recovered after falling to 112.79 yesterday, suggesting consolidation would be seen, however, reckon upside would be limited to 113.60 and bring another decline, below said support at 112.79 would extend weakness to 112.31-39 but break there is needed to confirm recent decline has resumed and extend further fall to 112.00, then towards 111.50-60 but reckon 111.00-10 would hold

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 25 16 09:47 GMT

Aussie's recovery after holding above support at 0.7583 (Monday's low) has retained our view that further consolidation above said support would be seen and another bounce to 0.7655-60 cannot be ruled out, however, still reckon upside would be limited to 0.7690-00 and resistance at 0.7723 should remain intact, bring another decline later.

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Trade Idea: EUR/GBP - Target met and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 24 16 15:29 GMT

As the single currency has tumbled today, adding credence to our bearish view that top has been formed at 0.8725 last week, our short position entered at 0.9670 met indicated target at 0.8570 with 100 points profit), as price has remained under pressure, suggesting near term downside bias remains for retracement of recent upmove to 0.8470 but oversold condition should limit downside to 0.8440-50 today.

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Trade Idea: USD/CAD - Sell at 1.3030 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 24 16 15:12 GMT

As the greenback has rebounded after finding support at 1.2859 yesterday, retaining our view that further consolidation above recent low at 1.2763 would be seen and another bounce to resistance at 1.2965, then 1.2980-85 (50% Fibonacci retracement of 1.3200-1.2763) is likely, however, reckon 1.3030-35 (61.8% Fibonacci retracement) would limit upside, bring retreat later, below said support at 1.2859 would suggest rebound from 1.2763 has possibly ended

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Trade Idea: EUR/JPY - Sell at 113.30 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 24 16 09:58 GMT

Euro's retreat after meeting resistance at 114.16 suggests top has possibly been formed there and consolidation with downside bias is seen for weakness to 112.65 support, however, break of recent low at 112.31 is needed to signal recent decline has resumed and extend further weakness to 112.00, then towards 111.50-60 but reckon 111.00-10 would hold from here.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 24 16 09:46 GMT

As aussie has recovered after holding above support at 0.7583 (Monday's low), retaining our view that further consolidation would be seen and another bounce to 0.7655-60 cannot be ruled out, however, still reckon upside would be limited to 0.7690-00 and resistance at 0.7723 should remain intact, bring another decline later.

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Trade Idea: EUR/GBP - Hold short entered at 0.8670 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 23 16 15:32 GMT

As the single currency has fallen again after meeting renewed selling interest at 0.8692 on Friday, retaining our view that further consolidation below recent high of 0.8725 would be seen and mild downside bias remains for weakness to 0.8570 and then 0.8550, however, break of previous resistance at 0.8492 is needed to add credence to our view that top has been formed at 0.8725 last week, bring retracement of recent upmove to

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Trade Idea: USD/CAD - Sell at 1.2995 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 23 16 15:28 GMT

Although the greenback has retreated after meeting resistance at 1.2965, below 1.2810-15 is needed to signal the rebound from 1.2763 has ended there, bring retest of this level, otherwise, further consolidation would take place and another bounce to 1.2965 cannot be ruled out, however, reckon 1.2980-85 (50% Fibonacci retracement of 1.3200-1.2763) would limit upside and previous support at 1.2996 would limit upside and bring another decline later

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 23 16 09:54 GMT

Although euro staged a brief bounce to 114.16 yesterday, lack of follow through buying on break of previous resistance at 114.03 and the subsequent retreat suggest consolidation below said resistance would be seen and pullback to 113.18-23 cannot be ruled out, however, a firm break below there is needed to signal the rebound from 112.36 has ended, bring further fall towards support at 112.65 first.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 23 16 09:45 GMT

Although aussie has rebounded after finding support at 0.7583 yesterday and near term upside risk is seen for recovery to 0.7680, reckon 0.7700 would limit upside and bring another decline later, below said support at 0.7583 would extend the erratic fall from 0.7758 top to 0.7550-55 and later 0.7520-25, however, support at 0.7489 should hold

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Trade Idea: EUR/GBP - Hold short entered at 0.8670 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 22 16 14:28 GMT

The single currency met renewed selling interest at 0.8692 on Friday and has slipped again, retaining our view that further consolidation below recent high of 0.8725 would be seen and mild downside bias remains for test of support at 0.8591, break there would suggest top is possibly formed, bring weakness to 0.8570 and then 0.8550, however, break of previous resistance at 0.8492 is needed to provide confirmation

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Trade Idea: USD/CAD - Sell at 1.2995 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 22 16 14:22 GMT

The pair found good support at 1.2763 last week and has rebounded since, suggesting a minor low has been formed there and consolidation above this level would be seen and recovery to 1.2950, then 1.2980-85 (50% Fibonacci retracement of 1.3200-1.2763) cannot be ruled out, however, reckon previous support at 1.2996 would limit upside and bring another decline later. Below 1.2845-50 would suggest the rebound from 1.2763 has ended

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 22 16 11:02 GMT

Despite opening higher earlier today, lack of follow through buying on break of previous resistance at 114.03 and the subsequent retreat suggest consolidation below intra-day high of 114.16 would be seen and pullback to 113.18-23 cannot be ruled out, however, a firm break below there is needed to signal the rebound from 112.36 has ended, bring further fall towards support at 112.65 first.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 22 16 10:57 GMT

Aussie has fallen again after brief bounce to 0.7723, dampening our bullishness and signaling top has possibly been formed at 0.7758 earlier this month, hence downside risk remains for further weakness towards 0.7550-55 and later 0.7520-25, however, reckon support at 0.7489 would hold from here.

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Trade Idea: EUR/GBP - Hold short entered at 0.8670 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 16 14:52 GMT

As the single currency has rebounded after finding support at 0.8591, suggesting caution on our bearishness and resistance at 0.8725 needs to hold to retain prospect of another retreat, below said support at 0.8591 would suggest top is possibly formed, bring weakness to 0.8570 and then 0.8550, however, break of previous resistance at 0.8492 is needed to add credence to this view, bring retracement of recent upmove to 0.8470.

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Trade Idea: USD/CAD - Sell at 1.2960 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 16 14:45 GMT

As the greenback has rebounded after marginal fall to 1.2763, suggesting consolidation above this level would be seen and recovery to resistance at 1.2918 cannot be ruled out, however, reckon 1.2970-80 would limit upside and bring another decline later, below 1.2810-15 would bring retest of 1.2763 but break there is needed to retain bearishness and extend the fall from 1.3254 to 1.2730-40 but loss of momentum should prevent sharp fall below

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 16 09:49 GMT

As the single currency has retreated after faltering below resistance at 113.93, retaining our view that further consolidation would be seen and pullback to 112.90-00 cannot be ruled out, however, reckon support at 112.65 would limit downside and price should stay above recent low at 112.31. Above 114.03 resistance would signal a temporary low has been formed at 112.31, bring retracement of recent decline towards

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Trade Idea: AUD/USD - Hold long entered at 0.7655 Print E-mail
Elliott Wave Daily | Written by Action Forex | Aug 19 16 09:44 GMT

Failure to extend yesterday's rebound and current selloff from 0.7723 dampened our bullishness but as long as 0.7595-00 holds, prospect of another rebound remains, above said resistance at 0.7723 would signal pullback from 0.7758 has ended, bring retest of this level, above this last week's high would confirm recent rise from 0.7145 has resumed and extend headway to 0.7800, then test of previous resistance at 0.7835.

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