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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 0.8560 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 30 16 14:16 GMT

Although near term sideways trading below this week's high at 0.8717 is likely to continue and initial downside risk remains for pullback to 0.8570 (38.2% Fibonacci retracement of 0.8333-0.8717), reckon downside would be limited to 0.8561 support and bring another rise, above 0.8690-95 would bring retest of said resistance at 0.8725 but break there is needed to confirm recent upmove has resumed and extend gain to

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 30 16 14:12 GMT

The greenback met resistance at 1.3195 today and has retreated again, retaining our view that further consolidation below 1.3281 (this week's high) would be seen and weakness to 1.3048-50 cannot be ruled out, however, break of indicated support at 1.2999 is needed to add credence to our view that top has been formed at 1.3281, bring further weakness to

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 30 16 10:25 GMT

Despite yesterday's bounce to 114.19, lack of follow through buying and the subsequent retreat suggest further choppy trading would be seen and weakness to 112.50 cannot be ruled out, however, break of 112.08 support is needed to signal recent decline has resumed and extend weakness to 111.50, then towards previous support at 110.82 which is likely to hold

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Trade Idea: AUD/USD - Hold short entered at 0.7690 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 30 16 10:14 GMT

Aussie's retreat after rising to 0.7710 earlier this week has retained our view that consolidation below previous resistance at 0.7732 would be seen and mild downside bias remains for another fall to 0.7550-60, however, break of support at 0.7530 is needed to provide confirmation that top has been formed, bring subsequent decline to 0.7490-00 but

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Trade Idea: EUR/GBP - Buy at 0.8565 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 29 16 15:03 GMT

Euro's retreat after this week's initial rise to 0.8717 has retained our view that minor consolidation below this level would be seen and pullback to 0.8580 is likely, however, reckon downside would be limited to 0.8561 support and bring another rise, above 0.8690-95 would bring retest of said resistance at 0.8725 but break there is needed to confirm recent upmove has resumed and extend gain to

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 29 16 15:01 GMT

The retreated from 1.3281 turned out to be deeper than expected, dampening our bullishness and suggesting top has been formed there, hence consolidation with mild downside bias is seen for weakness to 1.3029, however, break of 1.2999 support is needed to provide confirmation, bring retracement of recent upmove to 1.2950 and later towards 1.2900-10.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 29 16 11:33 GMT

Although the single currency staged a strong rebound after holding above recent low at 112.08 and gain towards resistance at 114.40 (last week's high) cannot be ruled out, break there is needed to signal recent decline has ended, bring a stronger retracement of recent decline to 115.00 but reckon resistance at 115.44 would hold, bring another decline later.

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Trade Idea: AUD/USD - Sell at 0.7690 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 29 16 11:27 GMT

As aussie has retreated after marginal rise to 0.7710, suggesting further consolidation below previous resistance at 0.7732 would be seen and as long as this level holds, mild downside bias is seen for another retreat, below support at 0.7603 would bring correction to 0.7550 but reckon support at 0.7530 would contain downside and bring another rise later.

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Trade Idea: EUR/GBP - Buy at 0.8565 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 28 16 14:58 GMT

Euro's retreat after faltering below indicated previous resistance at 0.8725 has retained our view that minor consolidation below this level would be seen and pullback to 0.8580 is likely, however, reckon downside would be limited to 0.8561 support and bring another rise, above 0.8690-95 would bring retest of said resistance at 0.8725 but break there is needed to confirm recent upmove has resumed and extend gain to

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Trade Idea: USD/CAD - Buy at 1.3140 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 28 16 14:41 GMT

As the greenback has eased after marginal rise to 1.3281 yesterday, suggesting minor consolidation below this level would be seen and pullback to 1.3160-65 cannot be ruled out, however, reckon 1.3130-35 would limit downside and bring another rise later, above said resistance at 1.3281 would extend recent erratic rise to 1.3300, then towards 1.3350-60, however, overbought condition should limit upside to

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 28 16 09:28 GMT

Despite yesterday's fall to 112.25, as the single currency has rebounded after holding above indicated support at 112.08, retaining our view that further consolidation above this level would be seen and another bounce to indicated resistance at 113.60-65 cannot be ruled out, however, reckon upside would be limited to 114.00 and resistance at 114.40 (last week's high) should hold

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Trade Idea: AUD/USD - Buy at 0.7590 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 28 16 09:24 GMT

As aussie has continued trading with a firm undertone, adding credence to our view that the rise from 0.7442 is still in progress and may extend gain to 0.7732 resistance, however, a firm break above there is needed to turn outlook bullish and signal the correction from 0.7758 has ended, bring retest of this level which is likely to hold on first testing

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Trade Idea: EUR/GBP - Buy at 0.8565 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 27 16 15:29 GMT

As the single currency has retreated after rising to 0.8717 (just faltered below indicated previous resistance at 0.8725), retaining our view that minor consolidation below this level would be seen and pullback to 0.8595-00 is likely, however, reckon downside would be limited to 0.8561 support and bring another rise, above 0.8690-95 would bring retest of said resistance at 0.8725 but break there is needed to confirm recent upmove has resumed

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Trade Idea : USD/CAD - Buy at 1.3170 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 27 16 15:24 GMT

As the greenback has risen again after brief pullback and price just broke above indicated resistance at 1.3248, signaling recent erratic rise has resumed and upside bias is seen for further gain to 1.3300, then towards 1.3350-60, however, near term overbought condition should limit upside to

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 27 16 11:08 GMT

As the single currency has retreated again after faltering below indicated resistance at 113.60-65, retaining our view that further consolidation would be seen and weakness to 112.50 cannot be ruled out, however, break there is needed to signal the fall from 116.37 has resumed for retest of 112.08, below there would extend weakness to 111.75-80, then towards 111.40-50.

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Trade Idea: AUD/USD - Buy at 0.7590 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 27 16 11:04 GMT

As aussie has maintained a firm undertone, suggesting the rise from 0.7442 is still in progress and may extend gain to 0.7732 resistance, however, a firm break above there is needed to turn outlook bullish and signal the correction from 0.7758 has ended, bring retest of this level which is likely to hold on first testing due to near term overbought condition.

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Trade Idea: EUR/GBP - Buy at 0.8600 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 26 16 14:47 GMT

As the single currency has surged again after brief pullback, adding credence to our view that the rise from 0.8333 is still in progress and may extend further gain to recent high at 0.8725, however, break there is needed to retain bullishness and confirm early uptrend has resumed and headway to 0.8750 and possibly towards 0.8770-75 which is likely to hold

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 26 16 14:33 GMT

Although the greenback has maintained a firm undertone after staging a strong rebound from 1.2999 and near term upside risk remains for gain to 1.3210-20, break of 1.3248 resistance is needed to signal recent erratic rise has resumed and extend further headway to 1.3254, then towards

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 26 16 10:21 GMT

As the single currency rebounded after falling to 112.08 last week, retaining our view that further consolidation above this level would be seen, however, break of 113.60-65 is needed to signal low has been formed, bring a stronger rebound to 114.00, then test of indicated resistance at 114.40 (last week's high). Once this level is penetrated, this would signal the erratic fall from 116.37 has ended at 112.08, bring subsequent rise towards

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Trade Idea: AUD/USD - Buy at 0.7590 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 26 16 10:15 GMT

Although aussie has retreated after rising to 0.7675 last week and consolidation below this level would be seen, reckon pullback would be limited to 0.7580-90 and bring another rise later, above said resistance at 0.7675 would extend the rise from 0.7442 to 0.7700 and then towards resistance at 0.7732. Only a firm break above 0.7732 would turn outlook bullish

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