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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 | Jul 30 15 15:03 GMT

The single currency continued to trade lower after retreating from 0.7161 (this week's high), dampening our near term bullishness and risk of further weakness to 0.6960-65 cannot be ruled out, however, break there is needed to signal the rebound from 0.6936 has ended, bring retest of this recent low later, once this support is penetrated, this would extend recent decline to 0.6900.

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Trade Idea: USD/CAD - Hold long entered at 1.2900 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 30 15 14:52 GMT

The greenback found renewed buying interest at 1.2862 yesterday and has staged a rebound, retaining our bullishness and above 1.3050-60 would signal the retreat from 1.3103 has ended, bring retest of this level, once this resistance is penetrated, this would extend recent wave iii to 1.3150-60, then 1.3200, however, loss of upward momentum should prevent sharp move beyond 1.3250-60 and price should falter below 1.3300-10, bring correction later.

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Trade Idea: EUR/JPY - Hold long entered at 136.25 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 30 15 08:26 GMT

Although the single currency has retreated after rising to 137.11 earlier this week, as long as 135.75-80 holds, mild upside bias is seen for the rebound from 134.33 to extend gain towards resistance at 137.80, however, as outlook remains consolidative, reckon upside would be limited to 138.10-15 and price should falter below 138.50-60, bring retreat later.

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Trade Idea: AUD/USD - Hold long entered at 0.7285 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 30 15 08:15 GMT

Although aussie has retreated again after faltering below resistance at 0.7351, as long as this week's low at 0.7257 holds, consolidation with mild upside bias remains for another rebound, above said resistance at 0.7351 would bring recovery to 0.7390-00, however, reckon resistance at 0.7449 (last week's high) would limit upside and resistance at 0.7489 should hold from here, bring another decline later.

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Trade Idea: EUR/GBP - Hold short entered at 0.7130 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 15 14:10 GMT

As the single currency has retreated after rising to 0.7161 yesterday, suggesting consolidation below this level would be seen and pullback to 0.7050 cannot be ruled out, however, if our view that low has been formed at 0.6936 earlier is correct, downside should be limited and bring another rebound later, above 0.7130-35 would bring another test of said resistance at 0.7161. Once this level is penetrated, this would add credence to our view that a temporary low has possibly been formed at 0.6936

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Trade Idea: USD/CAD - Buy at 1.2900 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 15 14:04 GMT

As the greenback has retreated after rising to 1.3103 late last week and consolidation below this level would be seen for minor correction to 1.2945-50, however, reckon 1.2900-10 would limit downside and bring another rise later, above said resistance at 1.3103 would signal recent wave iii is still in progress and headway to 1.3150-60, then 1.3200 would follow, however, loss of upward momentum should prevent sharp move beyond 1.3250-60 and price should falter below 1.3300-10 today

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Trade Idea: EUR/JPY - Buy at 136.25 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 15 09:47 GMT

As the single currency has maintained a firm undertone after staging a strong rebound from 134.33, suggesting near term bullishness remains for further gain to 137.25-30, then towards resistance at 137.80, however, as outlook remains consolidative, reckon upside would be limited to 138.10-15 and price should falter below 138.50-60, bring retreat later.

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Trade Idea: AUD/USD - Buy at 0.7285 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 28 15 09:40 GMT

As aussie has rebounded after intra-day marginal fall to 0.7257, suggesting consolidation above this level would be seen and recovery to 0.7390-00 would be seen, however, reckon resistance at 0.7449 (last week's high) would limit upside and resistance at 0.7489 should hold from here, bring another decline later.

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Trade Idea: EUR/GBP - Target met and buy at 0.7070 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 27 15 14:57 GMT

The single currency did resume recent decline in line with our bearish expectations, our short position entered at 0.7130 met target at 0.7030 as price dropped to as low as 0.6936 before staging a strong rebound. This strong rebound suggests a temporary low has possibly been formed at 0.6936 (a tentatively diagonal triangle wave v) and consolidation with upside bias is seen for retracement of recent decline, above 0.7160-65 would extend gain to 0.7200-05

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Trade Idea: USD/CAD - Buy at 1.2900 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 27 15 14:45 GMT

As the greenback rallied after brief pullback, suggesting recent wave iii is still in progress and bullishness remains for further gain, above last week's high of 1.3103 would bring headway to 1.3150-60, then 1.3200, however, loss of upward momentum should prevent sharp move beyond 1.3250-60 and price should falter below 1.3300-10 today, bring correction later. We are keeping our count that complex wave iv from 1.2835 ended at 1.1920 and wave v is underway

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 27 15 09:31 GMT

Although the single currency has jumped again after staging a rebound from last week's low of 134.33 and near term upside risk remains for further gain to 137.25-30, as outlook remains consolidative, reckon resistance at 137.80 would limit upside and price should falter below 138.10-15, bring retreat later.

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Trade Idea: AUD/USD - Sell at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 27 15 09:23 GMT

As aussie has remained under pressure after meeting renewed selling interest at 0.7449 last week, bearishness remains for recent decline to extend further weakness to in wave iii of (5) to 0.7240-50 but loss of near term downward momentum should prevent sharp fall below 0.7200 and reckon 0.7150-60 would hold from here, bring rebound later.

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Trade Idea: EUR/GBP - Hold short entered at 0.7130 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 14 15 14:46 GMT

The single currency met renewed selling interest at 0.7138 (we recommended to sell at 0.7130 and a short position was entered) and has retreated, retaining our bearishness for the fall from 0.7224 to extend weakness to support at 0.7055, however, a sustained breach below there is needed to signal the rebound from 0.6988 has ended, bring further fall to 0.7000-10 and eventually towards previous support at 0.6988.

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Trade Idea: USD/CAD - Buy at 1.2580 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 14 15 14:38 GMT

As the greenback has eased after intra-day brief rise to 1.2805, suggesting minor consolidation would be seen and pullback to 1.2700 and possibly 1.2650-60 is likely, however, reckon downside would be 1.2570-80 and bring another rise later. Above said resistance at 1.2805 would extend recent rise in wave iii from 1.2128 (wave ii trough) to 1.2835, having said that, loss of near term upward momentum should prevent sharp move beyond 1.2875-80 and reckon 1.2900-10 would hold.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 14 15 10:14 GMT

Although the single currency has rebounded after finding support at 135.29, if our view that top has been formed at 137.80 yesterday is correct, upside should be limited to 136.90-00 and said resistance should continue to hold, bring further choppy trading. Below said support at 135.29 would bring weakness to 134.90-00 and possibly towards 134.50 but reckon downside would be limited to 134.35 and price should stay well above last week's low at 133.31, bring another rebound later this week.

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Trade Idea: EUR/GBP - Sell at 0.7130 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 13 15 15:39 GMT

As the single currency continued to meet resistance at 0.7224 and has retreated quite sharply today, suggesting top has been formed there last week and consolidation with mild downside bias is seen for test of support at 0.7055, however, a sustained breach below there is needed to signal the rebound from 0.6988 has ended, bring further fall to 0.7000-10 would be seen first.

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Trade Idea: USD/CAD - Buy at 1.2580 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 13 15 15:32 GMT

As the greenback has maintained a firm undertone after recent rally, suggestng recent rise is still in progress in wave iii, hence bullishness remains for the rise from 1.2128 (wave ii trough) to extend gain to 1.2800, then 1.2835, having said that, loss of near term upward momentum should prevent sharp move beyond 1.2875-80 and reckon 1.2900-10 would hold.

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Trade Idea: EUR/JPY - Target met and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 13 15 10:09 GMT

The single currency did find renewed buying interest at 135.55 earlier today and surged again to as high as 137.80, exceeded our indicated upside target at 137.55, our long position entered at 135.55 met our objective at 137.55 with 200 points profit, although this anticipated rise adds credence to our view that low has been formed at 133.31 last week, reckon upside would be limited to 138.00-10 and 138.65-70 should hold

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Trade Idea: AUD/USD - Sell at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 13 15 10:00 GMT

Aussie's near term sideways trading is likely to continue and as long as last week's low at 0.7372 holds, risk of another rebound remains, above 0.7495-00 would bring retracement to 0.7533 (previous support turned resistance), however, reckon upside would be limited to 0.7550-55 and bring another decline later, below said support at 0.7372 is needed to signal the wave (5) decline is still in progress and current wave iii of (5) should extend further weakness to 0.7340-50

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Trade Idea: EUR/JPY - Buy at 135.55 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 10 15 09:48 GMT

Although the single currency extended recent fall from 141.06 to a marginal low of 133.31 yesterday, the subsequent strong rebound suggests low has been formed there and consolidation with upside bias is seen for test of 137.40-45 but break of resistance at 138.13 would add credence to this view and signal the aforesaid decline has ended, then further rise to 138.65-70 would follow

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