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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 | Sep 16 14 14:24 GMT

Despite staging the anticipated bounce to 0.8010, as the single currency has retreated again, retaining our view that further consolidation would be seen and weakness to 0.7950-55 cannot be ruled out, however, only a break of 0.7920-25 would suggest entire correction from 0.7874 has ended there, bring test of support at 0.7892, once this level is penetrated, this would provide confirmation and bring resumption of early decline for a retest of 0.7874.

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Trade Idea: USD/CAD - Buy at 1.0970 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 16 14 14:20 GMT

As the pair has retreated after rising marginally to 1.1099 yesterday, retaining our view that minor consolidation would be seen and correction to 1.1000 is likely, however, reckon downside would be limited to 1.0960-70 and bring another rise later, above said resistance would extend recent rise from 1.0621 low to 1.1150 but near term overbought condition should limit upside to 1.1200 and price should falter well below resistance at 1.1279

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Trade Idea: EUR/JPY - Buy at 137.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 16 14 09:29 GMT

As the single currency has retreated after rising to 139.20 last week (just faltered below previous resistance at 139.28), retaining our view that minor consolidation would be seen and pullback to previous resistance at 138.28 cannot be ruled out, however, reckon 137.65-70 would limit downside and bring another rise. A break of 139.20-28 resistance would reinforce our view that low has been formed at 135.73 earlier

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Trade Idea: AUD/USD Sell again at 0.9120 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 16 14 09:22 GMT

As the Australian dollar has remained under pressure, adding credence to our view that recent decline from 0.9505 top is still in progress and this impulsive wave c may extend further weakness to 0.8950, however, near term oversold condition should prevent sharp fall 0.8900-10 and reckon 0.8850-60 would hold from here, risk from there is seen for a rebound later.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 15 14 14:13 GMT

Although euro's retreat after last week's brief rise to 0.8066 suggests consolidation below this level would be seen, only a break of 0.7920-25 would suggest entire correction from 0.7874 has ended there, bring test of support at 0.7892, once this level is penetrated, this would provide confirmation and bring resumption of early decline for a retest of 0.7874. Looking ahead, a break of this recent low would confirm decline has resumed for weakness to 0.7850-55

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Trade Idea: USD/CAD - Buy at 1.0970 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 15 14 14:09 GMT

As the greenback has eased after intra-day marginal rise to 1.1099, suggesting minor consolidation would be seen and correction to 1.1000-10 cannot be ruled out, however, reckon downside would be limited to 1.0960-70 and bring another rise later, above said resistance would extend recent rise from 1.0621 low to 1.1150 but near term overbought condition should limit upside to 1.1200 and price should falter well below resistance at 1.1279

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Trade Idea: EUR/JPY - Buy at 137.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 15 14 09:14 GMT

Last week's rally together with the breach of previous resistance at 138.28 add credence to our view that low has been formed at 135.73 earlier and bullishness is seen for the erratic rise from there to bring retracement of recent decline for gain to resistance at 139.28, however, loss of near term upward momentum should prevent sharp move beyond 139.70-80 and reckon psychological level at 140.00 would hold

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Trade Idea: AUD/USD Sell again at 0.9120 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 15 14 09:08 GMT

Aussie opened lower today and has remained under pressure, suggesting recent decline from 0.9505 top is still in progress and this impulsive wave c may extend further weakness to 0.8950, however, near term oversold condition should prevent sharp fall 0.8900-10 and reckon 0.8850-60 would hold from here, risk from there is seen for a rebound later.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 12 14 14:41 GMT

Despite this week's brief rise to 0.8066, lack of follow through buying and the subsequent sharp retreat add credence to our view that further choppy trading would be seen and only break of 0.7920-25 would suggest entire correction from 0.7874 has ended at 0.8066, bring test of support at 0.7892, once this level is penetrated, this would provide confirmation and bring resumption of early decline for a retest of 0.7874.

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Trade Idea: USD/CAD - Buy at 1.0970 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 12 14 14:37 GMT

The greenback has risen again after brief pullback, adding credence to our bullish view for the rise from 1.0621 low to resume after consolidation, current breach of indicated resistance at 1.1053 also signal early decline from 1.1279 top has ended at 1.0621 and headway to 1.1090-00 and possibly 1.1150 would be seen but reckon latter level would hold on first testing.

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Trade Idea: EUR/JPY - Buy at 137.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 12 14 10:31 GMT

Yesterday's breach of last week's high at 138.28 signals another leg of rise from 135.73 low is still in progress and bullishness remains for this move to bring retracement of recent decline for gain towards 139.00, however, loss of near term upward momentum should prevent sharp move beyond resistance at 139.28 and reckon 139.70-80 would hold from here, risk from there is seen for another retreat to take place later.

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Trade Idea: AUD/USD Exit short entered at 0.9210 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 12 14 10:26 GMT

Although aussie has fallen again after meeting renewed selling interest at 0.9218 as suggested and bearishness remains for recent decline from 0.9505 top to extend further weakness in impulsive wave c towards 0.9000-10, near term oversold condition should prevent sharp fall below psychological support at 0.9000 and reckon 0.8950 would hold from here, risk from there is seen for a rebound later.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 11 14 15:03 GMT

Euro's retreat after yesterday's brief rise to 0.8066 suggests further choppy trading would be seen and only break of 0.7920-25 would suggest entire correction from 0.7874 has ended at 0.8066, bring test of support at 0.7892, once this level is penetrated, this would provide confirmation and bring resumption of early decline for a retest of 0.7874. Looking ahead, a break of this recent low would confirm decline has resumed for weakness to 0.7850-55

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Trade Idea: USD/CAD - Buy again at 1.0970 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 11 14 14:55 GMT

The greenback only slipped to 1.0934 (we recommended to reinstate long at 1.0930 and missed our long entry) before finding renewed buying interest and the pair has rebounded again, bullishness remains for the rise from 1.0621 low to resume after consolidation and extend further gain to previous resistance at 1.1053, a firm breach above there would suggest early decline from 1.1279 top has ended at 1.0621

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Trade Idea: EUR/JPY - Buy at 137.30 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 11 14 09:31 GMT

Although current break of last week's high at 138.28 suggests another leg of rise from 135.73 low is still in progress for retracement of recent decline to resistance at 138.45, however, loss of near term upward momentum should prevent sharp move beyond 139.00 and reckon resistance at 139.28 would hold from here, risk from there is seen for another retreat to take place later this week.

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Trade Idea: AUD/USD - Hold short entered at 0.9210 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 11 14 09:20 GMT

Aussie has slipped again after meeting renewed selling interest at 0.9218, bearishness remains for recent decline from 0.9505 top to extend further weakness in impulsive wave c to 0.9100 and later 0.9050, however, near term oversold condition should prevent sharp fall below psychological support at 0.9000, risk from there is seen for a rebound later.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 10 14 15:09 GMT

Despite intra-day brief rise to 0.8066, lack of follow through buying and current sharp retreat suggest intra-day top is possibly formed and test of 0.7978 support cannot be ruled out, however, reckon downside would be limited to 0.7950-55 and reckon 0.7925-30 would hold and bring further choppy trading. Only break of support at 0.7892-0.7903 would bring a retest of recent low at 0.7874, below there would signal decline has resumed for weakness to 0.7850-55

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Trade Idea: USD/CAD - Stopped profit and buy again at 1.0930 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 10 14 15:04 GMT

Despite yesterday's rise to 1.1032, lack of follow through buying and the subsequent retreat suggest consolidation would be seen and pullback to 1.0930 cannot be ruled out, however, reckon 1.0900-10 would limit downside and bring another rise later, above said resistance would add credence to our bullish view that low has been formed at 1.0732 (wave c trough) and extend the erratic rise from there for at least a correction of early decline to 1.1050-60

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 10 14 09:30 GMT

Despite last week's fall to 135.82, the subsequent stronger-than-expected rebound suggest further choppy trading would be seen and test of last week's high of 138.28 cannot be ruled out, however, a sustained breach above there is needed to revive previous bullishness and extend the erratic rise from 135.73 low for retracement of recent decline to previous resistance at 138.45, then towards 138.90-00

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Trade Idea: AUD/USD - Sell at 0.9210 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 10 14 09:15 GMT

Aussie's selloff from 0.9402 has gathered momentum once indicated support at 0.9239 was penetrated, adding credence to our bearish view that fall from 0.9505 top is still in progress in impulsive wave c and further weakness to 0.9100 and later 0.9050 would be seen, however, near term oversold condition should prevent sharp fall below psychological support at 0.9000, risk from there is seen for a rebound later.

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