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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 | Dec 16 14 14:34 GMT

Despite intra-day brief rise to 0.8007, lack of follow through buying and current retreat suggest an intra-day top has possibly been formed and further consolidation within recent established triangle formation and weakness to 0.7905-10 cannot be ruled out, however, break there is needed to suggest the e leg rebound from 0.7832 has possibly ended and bring test of 0.7874 support, break there would add credence to this view

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Trade Idea: USD/CAD - Buy at 1.1520 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 16 14 14:26 GMT

As the greenback has eased after rising to 1.1674, suggesting minor consolidation would be seen and pullback to 1.1550 cannot be ruled out, however, reckon support at 1.1515-20 would limit downside and bring another upmove later, above said resistance would signal the wave v is still in progress and may extend further gain to 1.1690-00, however, overbought condition should prevent sharp move beyond 1.1720 and reckon 1.1750-60 would hold

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Trade Idea: EUR/JPY - Sell at 146.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 16 14 09:12 GMT

As euro's decline has gathered momentum, adding credence to our view that top has been formed at 149.79 (tentatively wave v peak) and bearishness is seen for retracement of recent upmove to 144.85-90 (100% projection of 149.79-146.43 measuring from 148.24), below there would bring further decline to 144.20-25 (38.2% Fibonacci retracement of 135.21-149.79) but reckon 143.50-60 would limit downside

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 16 14 09:01 GMT

Although the Australian dollar has remained under pressure and near term downside risk remains for recent decline to extend marginal weakness, as this move is still viewed as the wave 5 of larger degree wave (3), reckon downside would be limited to 0.8200, then 0.8175-80. Our latest preferred count of recent decline is shown in the attached chart and wave 5 of (3) is still in progress for further weakness

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 15 14 14:45 GMT

Although the single currency has rebounded after finding good support at 0.7874 late last week and consolidation with mild upside bias remains for another test of last week's high at 0.7954, above there would revive bullishness and bring further gain to indicated previous resistance at 0.7977 but break there is needed to add credence to our view that the retreat from 0.8039 has ended at 0.7832 and subsequent gain towards 0.8000-05 would follow

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Trade Idea: USD/CAD - Buy at 1.1470 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 15 14 14:37 GMT

As the greenback has maintained a firm undertone after resuming recent upmove, suggesting the wave v is still in progress and may extend further gain to 1.1655-60 (1.618 times projection of 0.9407-1.0657 measuring from 0.9633), however, overbought condition should prevent sharp move beyond 1.1690-00 and reckon 1.1750 would hold from here, risk from there has increased for a retreat later.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 15 14 09:46 GMT

Although the single currency has retreated again after meeting resistance at 148.24 earlier today and consolidation with mild downside bias is seen for weakness to 146.80-86, break of last week's low at 146.43 is needed to signal the fall from temporary top at 149.79 is still in progress for retracement of recent upmove to 146.00 and possibly previous support at 145.59, however, near term oversold condition should limit downside

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 15 14 09:43 GMT

Although aussie fell again to marginal low of 0.8204 earlier today, lack of follow through selling and current recovery suggest consolidation would be seen and another bounce to Friday's high of 0.8299 cannot be ruled out, however, as long as resistance at 0.8376 holds, downside risk remains for recent decline to bring another fall later. Only a firm break of said resistance at 0.8376 would signal a temporary low is possibly formed, bring rebound to 0.8410-20 later

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Trade Idea: EUR/GBP - Stopped profit and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 12 14 15:19 GMT

Although the single currency slipped to 0.7874 earlier today, as price has rebounded again from there, consolidation with mild upside bias remains for another test of this week's high at 0.7954, above there would revive bullishness and bring further gain to indicated previous resistance at 0.7977 (last week's high) but break there is needed to add credence to our view that the retreat from 0.8039 has ended at 0.7832

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Trade Idea : USD/CAD - Buy at 1.1450 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 12 14 15:12 GMT

As the greenback has continued to head north, adding credence to our bullish view that recent upmove is still in progress and upside bias remains for further gain to 1.1595-00 (61.8% projection of 1.0811-1.1467 measuring from 1.1191), however, overbought condition should limit upside to 1.1655-60 (1.618 times projection of 0.9407-1.0657 measuring from 0.9633)

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 12 14 10:25 GMT

Although euro has retreated after meeting resistance at 148.06, break of this week's low at 146.43 is needed to signal the fall from temporary top at 149.79 is still in progress for retracement of recent upmove to 146.00 and possibly previous support at 145.59, however, near term oversold condition should limit downside and price should hold above 145.00.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 12 14 10:18 GMT

Although aussie resumed recent decline and fell to as low as 0.8215 yesterday, lack of follow through selling on break of previous support at 0.8224 and the subsequent recovery suggest consolidation would be seen and corrective bounce to 0.8350 cannot be ruled out, however, break of resistance at 0.8376 (yesterday's high) is needed to signal a temporary low is possibly formed

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Trade Idea: EUR/GBP - Hold long entered 0.7870 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 11 14 15:02 GMT

Despite intra-day brief rise to 0.7954, lack of follow through buying and current sharp retreat deferred our bullishness and yesterday's low at 0.7885 needs to hold to retain prospect of another rise, above said resistance at 0.7954 would bring test of indicated previous resistance at 0.7977 (last week's high) but break there is needed to add credence to our view that the retreat from 0.8039 has ended at 0.7832 and subsequent gain towards 0.8000-05 would follow

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Trade Idea: USD/CAD - Buy at 1.1450 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 11 14 14:56 GMT

As the greenback has risen again after brief pullback, suggesting recent upmove is still in progress and may extend further gain to 1.1590-00, however, overbought condition should limit upside to 1.1650 and reckon 1.1690-00 would hold from here, risk from there has increased for a retreat later.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 11 14 09:28 GMT

Although the single currency fell again to as low as 146.43 earlier today, lack of follow through selling and current rebound suggest consolidation would be seen and recovery to 147.75-80 cannot be ruled out, however, reckon upside would be limited to 148.35-40 and price should falter below resistance at 148.88, bring another decline later.

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Trade Idea: AUD/USD - Sell at 0.8415 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 11 14 09:21 GMT

Although aussie has retreated after meeting resistance at 0.8376 earlier today, break of this week's low at 0.8224 is needed to signal recent decline has once again resumed and extend weakness to 0.8200. Our latest preferred count of recent decline is shown in the attached chart and wave 5 of (3) is still in progress for further weakness, however, loss of near term downward momentum should prevent sharp fall below 0.8150 and reckon 0.8100 would hold

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Trade Idea: EUR/GBP - Hold long entered 0.7870 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 10 14 15:00 GMT

Yesterday's rebound after finding renewed buying interest at 0.7845 has retained our bullishness and further consolidation is seen with mild upside bias for another rebound to 0.7940-45, however, break of resistance at 0.7977 (last week's high) is needed to add credence to our view that the retreat from 0.8039 has ended at 0.7832 and extend further subsequent gain towards 0.8000-05 but reckon said resistance at 0.8039 would cap upside.

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Trade Idea: USD/CAD - Buy at 1.1350 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 10 14 14:56 GMT

Although the greenback has rebounded after finding support at 1.1397, break of this week's high at 1.1501 is needed to signal recent upmove has resumed and extend further gain to 1.1540-50 but overbought condition should limit upside and reckon 1.1600 would hold from here, bring correction. If said resistance at 1.1501 continues to hold, then further consolidation would be seen and another corrective fall to said support cannot be ruled out

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 10 14 09:18 GMT

Despite yesterday's fall to 146.80, lack of follow through selling and the subsequent rebound suggest consolidation would be seen and recovery to 148.30-40 cannot be ruled out, however, reckon upside would be limited to resistance at 148.88 and if our view that top has possibly been formed at 149.79 is correct, upside would be limited, price should falter well below said resistance, bring further choppy trading.

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Trade Idea: AUD/USD - Sell at 0.8415 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 10 14 09:14 GMT

As aussie has rebounded after falling to 0.8224 yesterday, retaining our view that minor consolidation would be seen and corrective bounce to 0.8370-75 is likely, however, reckon upside would be limited to 0.8410-20 and renewed selling interest should emerge there, bring another decline later, a break of said support at 0.8224 would extend recent dcline to 0.8200.

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