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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 - Buy at 0.7815 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 15:08 GMT

Although the single currency has fallen again today and near term downside risk remains for recent decline in wave v of iii to extend further weakness to 0.7855-60, loss of downward momentum should prevent sharp fall below 0.7815-20, risk from there is seen for a rebound to take place place later, above resistance at 0.7933 would suggest low is possibly formed but only break of 0.7980-85 would add credence to this view

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 15:04 GMT

The greenback has remained confined within recent range and the retreat from 1.0794 suggests further consolidation below this level would be seen, a firm breach above said resistance at 1.0794 is needed to signal low has been formed at 1.0621 earlier and bring at least a retracement of recent decline to 1.0814 (previous support), then 1.0850 but reckon resistance at 1.0896 would hold from here, bring another decline later.

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Trade Idea: EUR/JPY - Sell at 137.35 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 09:29 GMT

As the single currency has fallen again after meeting renewed selling interest at 137.34 yesterday, adding credence to our bearishness for recent decline to extend further weakness to previous support at 136.23, break there would add credence to our view that top has been formed at 143.79 as the peak of wave B and impulsive wave C should bring further weakness to 135.50, then towards 135.00-10

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Trade Idea: AUD/USD - Hold short entered at 0.9400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 23 14 09:22 GMT

As the Australian dollar has rebounded again today after the release of higher-than-expected CPI data, dampening our bearishness and indicated resistance at 0.9457 needs to hold to retain prospect of another decline, below 0.9360-65 would bring another test of previous support at 0.9322 but a break of this level is needed to add credence to our view that top has been formed at 0.9505 earlier, bring retracement of recent upmove to 0.9290-00

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Trade Idea: EUR/GBP - Buy at 0.7815 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 14:00 GMT

As the single currency has remained under pressure after meeting renewed selling interest at 0.7933 last week, suggesting near term downside risk remains for recent decline in wave v of iii to extend further weakness to 0.7855-60, however, loss of downward momentum should prevent sharp fall below 0.7815-20, risk from there is seen for a rebound to take place place later, above said resistance at 0.7933 would suggest low is possibly formed

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 13:52 GMT

Despite last week's rebound to 1.0794, subsequent retreat suggests further consolidation would be seen and a firm breach above said resistance is needed to signal low has been formed at 1.0621 earlier and bring at least a retracement of recent decline to 1.0814 (previous support), then 1.0850 but reckon resistance at 1.0896 would hold from here, bring another decline later.

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Trade Idea: EUR/JPY - Sell at 137.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 08:10 GMT

Euro's consolidation after last week's fall to 136.71 is likely to continue and although recovery to 137.60-70 cannot be ruled out, reckon 138.00-10 would hold and bring another decline later. We are keeping our view that top has been formed at 143.79 as the peak of wave B and impulsive wave C has commenced from there with wave 1 ended at 139.96, followed by wave 2 at 143.48 and wave 3 is unfolding, hence bearishness remains for current wave 3 to extend further weakness to 136.50 and possibly previous support at 136.23

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Trade Idea: AUD/USD - Hold short entered at 0.9400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 14 08:05 GMT

Aussie's rebound after holding above indicated previous support at 0.9322 suggests further consolidation would be seen but still reckon Friday's high at 0.9411 would limit upside and bring another decline later. A break of said support at 0.9322 would add credence to our view that top has been formed at 0.9505 earlier, bring retracement of recent upmove to 0.9290-00 and possibly 0.9250 but reckon support at 0.9229 would hold on first testing.

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Trade Idea: EUR/GBP - Buy at 0.7860 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 14 14:10 GMT

Although the single currency recovered after finding support at 0.7889 last week, reckon upside would be limited to 0.7950 and near term downside risk remains for another decline, below said support at 0.7889 would extend recent decline in wave v of iii to 0.7870, however, this final leg of wave iii should be limited to 0.7855-60 and risk from there is seen for a rebound to take place place later, above 0.7980-85 would bring correction towards 0.8000

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 14 14:04 GMT

Although the greenback has rebounded after finding support at 1.0709 on Friday, a firm break above last week's high of 1.0794 is needed to signal low has been formed at 1.0621 earlier and bring at least a retracement of recent decline to 1.0814 (previous support0, then 1.0850 but reckon resistance at 1.0896 would hold from here, bring another decline later.

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Trade Idea: EUR/JPY - Sell at 137.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 14 09:24 GMT

The single currency only recovered to 138.45 before running into renewed selling interest, euro then resumed recent decline to as low as 136.71 last week, adding credence to our bearish view for recent fall from 143.79 to bring further decline in wave iii. We are keeping our view that top has been formed at 143.79 as the peak of wave B and impulsive wave C has commenced from there with wave 1 ended at 139.96, followed by wave 2 at 143.48 and wave 3 is unfolding

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Trade Idea: AUD/USD - Hold short entered at 0.9400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 14 09:15 GMT

Despite falling to 0.9329 last week, as aussie has rebounded after holding above indicated previous support at 0.9322, suggesting further consolidation is in store but reckon Friday's high at 0.9411 would limit upside and bring another decline later. A break of indicated support at 0.9322 would add credence to our view that top has been formed at 0.9505 earlier, bring retracement of recent upmove to 0.9290-00

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Trade Idea: EUR/GBP - Buy at 0.7860 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 11 14 15:27 GMT

Euro's retreat from yesterday's high of 0.7969 suggests the recovery from this week's low at 0.7915 has possibly ended there and break of this support would extend recent decline in wave v of iii to 0.7900, however, this final leg of wave iii should be limited to 0.7855-60 and risk from there is seen for a rebound to take place place later, above 0.7980-85 would bring correction towards 0.8000

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 11 14 15:24 GMT

The greenback has rallied after the release of much weaker-than-expected job data out of Canada, suggesting a temporary low has possibly been formed at 1.0621 last week and consolidation with upside bias is seen for test of resistance at 1.0750-55, however, firm break above there is needed to add credence to this view, bring retracement of recent decline to 1.0800 and possibly test of previous support at 1.0814

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Trade Idea: EUR/JPY - Sell at 138.70 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 11 14 08:46 GMT

Despite yesterday's breach of 137.71, lack of follow through selling suggests consolidation would be seen and recovery to 138.40-50 cannot be ruled out, however, resistance at 138.76 (this week's high) should limit upside and bring another decline later, a break of yesterday's low at 137.50 would extend recent fall from 143.79 in wave iii for weakness to 137.00.

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Trade Idea: AUD/USD - Hold short entered at 0.9400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 11 14 08:39 GMT

Although aussie retreated yesterday from 0.9457 to 0.9361, as the pair has recovered again, suggesting further consolidation is in store but as long as said yesterday's high holds, bearishness remains for another fall towards indicated support at 0.9322, break there would add credence to our view that top has been formed at 0.9505 earlier, bring retracement of recent upmove to 0.9290-00 but reckon support at 0.9229 would hold

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Trade Idea: EUR/GBP - Buy at 0.7860 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 10 14 14:49 GMT

As euro has retreated after meeting resistance at 0.7969, suggesting the recovery from this week's low at 0.7915 has possibly ended there and break of this support would extend recent decline in wave v of iii to 0.7900, however, this final leg of wave iii should be limited to 0.7855-60 and risk from there is seen for a rebound to take place place later, above 0.7980-85 would bring correction towards 0.8000 but reckon resistance at 0.8034 would limit upside

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Trade Idea: USD/CAD - Sell at 1.0750 or buy at 1.0570 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 10 14 14:41 GMT

The greenback has remained confined in narrow range and further consolidation is in store, a break of last week's low at 1.0621 is needed to signal recent decline has resumed and extend weakness to 1.0605-10 (61.8% Fibonacci retracement of 1.0190-1.1279) but loss of momentum would prevent sharp fall below 1.0570-75 (1.618 times projection of 1.1053-1.0814 measuring from 1.0960) and the pair is likely to find good support above 1.0550, bring a much-needed corrective rebound later.

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Trade Idea: EUR/JPY - Sell at 138.40 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 10 14 10:04 GMT

The single currency only bounced to 138.76 yesterday before running into renewed selling interest (just missed our short entry at 138.80), the subsequent decline adds credence to our bearish view that the rebound from 137.71 has ended at 139.28 and downside bias remains for a retest of said support, however, only break there would confirm recent decline has resumed in wave iii for weakness to 137.00. We are keeping our view that top has been formed at 143.79 as the peak of wave B

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Trade Idea: AUD/USD - Hold short entered at 0.9400 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 10 14 10:00 GMT

Despite intra-day initial brief rise to 0.9457, the subsequent retreat from there has retained our bearishness and consolidation with downside bias remains for a test of indicated support at 0.9322, break there would add credence to our view that top has been formed at 0.9505 earlier, bring retracement of recent upmove to 0.9290-00 but reckon support at 0.9229 would hold on first testing due to near term oversold condition.

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