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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 22 16 15:19 GMT

Euro's intra-day rebound has retained our view that further sideways trading is in store and recovery to resistance at 0.8427 is likely but break there is needed to signal low has been formed at 0.8251 last week, bring another bounce to resistance at 0.8470, above there would signal the fall from 0.8628 top has ended, bring a stronger rebound to 0.8500-10 but price should falter below

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 16 15:11 GMT

The greenback has surged again after brief pullback to 1.3024 and current break of indicated previous resistance at 1.3144 suggests an upside break of recent established broad range has occurred, above 1.3188 would add credence to this view and extend the erratic rise from 1./2665 towards 1.3240-50, then towards 1.3290-00 which is likely to hold

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 16 10:32 GMT

Euro's retreat after anticipated rise to 118.47 suggests consolidation below this level would be seen and although price has recovered after finding support at 116.14, reckon upside would be limited to 117.60-70 and 118.00 should hold, bring further consolidation, below 116.35-40 would bring test of 116.10-15, however, a drop below indicated previous support at 115.50 is needed to add credence to our view that a temporary top has been formed

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Trade Idea: AUD/USD - Sell at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 22 16 10:28 GMT

Aussie's near term sideways trading is likely to continue and although another bounce to 0.7520-30 cannot be ruled out, if our view that top has been formed at 0.7676 is correct, upside would be limited to 0.7550-55 and bring another decline later. Below support at 0.7453 would extend the fall from 0.7676 to support at 0.7408 but break there is needed to provide confirmation, bring further fall to

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 16 14:59 GMT

Euro's near term sideways trading is expected to continue and although the pair retreated after meeting resistance at 0.8427, a firm break below 0.8300 is needed to suggest the rebound from 0.8251 has ended and bring test of this support, break there would revive bearishness and extend the fall from 0.8628 top for retracement of recent upmove towards

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Trade Idea: USD/CAD - Hold short entered at 1.3050 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 16 14:56 GMT

As the greenback retreated after meeting resistance at 1.3096 yesterday, retaining our near term bearishness and weakness to 1.2990-00 is likely, however, below 1.2925-30 is needed to signal the rebound from 1.2861 has ended, bring another test of this level. Looking ahead, only below previous support at 1.2831 would add credence to our view that top has been formed at 1.3140 last week

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Trade Idea: EUR/JPY - Target met and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 16 10:50 GMT

Although the single currency did resume the erratic rise from 109.49 and rose to as high as 118.47 (our long position entered at 116.10 met target at 118.10), lack of follow through buying on break of resistance at 118.40 and the subsequent sharp retreat suggest top has possibly formed there and consolidation with mild downside bias is seen for weakness to 116.10-15, however

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Trade Idea: AUD/USD - Sell at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 21 16 10:41 GMT

As aussie has rebounded after intra-day marginal fall to 0.7453, suggesting consolidation above this level would be seen and recovery to 0.7530 is likely, however, if our view that top has been formed at 0.7676 is correct, reckon upside would be limited to 0.7550-55 and bring another decline later. Below said support at 0.7453 would extend the fall from 0.7676 to support at 0.7408 but

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 20 16 15:29 GMT

Although the single currency has retreated after meeting resistance at 0.8427 and weakness to 0.8300-10 cannot be ruled out, below there is needed to suggest the rebound from 0.8251 has ended and bring test of this support, break there would revive bearishness and extend the fall from 0.8628 top for retracement of recent upmove towards

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Trade Idea: USD/CAD - Hold short entered at 1.3050 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 20 16 15:22 GMT

The greenback met resistance at 1.3096 and has retreated, retaining our near term bearishness and weakness to 1.2990-00 is likely, however, below 1.2925-30 is needed to signal the rebound from 1.2861 has ended, bring another test of this level. Looking ahead, only below previous support at 1.2831 would add credence to our view that top has been formed at 1.3140 last week

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Trade Idea: EUR/JPY - Hold long entered at 116.10 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 20 16 10:34 GMT

Euro's near term sideways trading is likely to continue and as the single currency has rebounded after finding support at 116.54, retaining our bullishness for upmove to resume after consolidation above last week's high at 118.40 would confirm recent erratic rise from 109.49 low has resumed and extend further gain towards 118.90-00, however, loss of upward momentum limit upside to

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Trade Idea: AUD/USD - Sell at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 20 16 10:25 GMT

As aussie has remained under pressure after retreating sharply from 0.7676, retaining our view that temporary top has possibly been formed there and consolidation with mild downside bias remains for weakness to 0.7465-70 but break of support at 0.7408 is needed to provide confirmation, bring further fall to previous support at 0.7371 but price should stay above

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 19 16 15:18 GMT

As the single currency has rebounded after finding good support at 0.8251 last week, retaining our view that further consolidation above this level would be seen and recovery to 0.8420-25 cannot be ruled out, however, only break of resistance at 0.8470 would signal the fall from 0.8628 top has ended, bring a stronger rebound to 0.8500-10 but price should falter below

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Trade Idea: USD/CAD - Hold short entered at 1.3050 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 19 16 15:07 GMT

Although the greenback has rebounded after finding support at 1.2861 last week, as outlook remains consolidative, reckon upside would be limited to 1.3055-60 and 1.3085-90 should hold, bring another decline later, below 1.2925-30 would signal the rebound from 1.2861 has ended, bring another test of this level. Looking ahead, only below previous support at 1.2831 would add credence to our view that top has been formed at 1.3140 last week

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Trade Idea: EUR/JPY - Hold long entered at 116.10 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 19 16 09:55 GMT

The single currency found renewed buying interest at 115.50 and has rebounded again, retaining our bullishness for upmove to resume after consolidation above last week's high at 118.40 would confirm recent erratic rise from 109.49 low has resumed and extend further gain towards 118.90-00, however, loss of upward momentum limit upside to

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Trade Idea: AUD/USD - Sell at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 19 16 09:43 GMT

Aussie's retreat after last week's marginal rise to 0.7676 suggests top has possibly been formed there and consolidation with mild downside bias is seen for weakness to 0.7470 but break of support at 0.7408 is needed to add credence to this view, bring further fall to previous support at 0.7371 but price should stay above support at 0.7306, bring further choppy trading later.

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 15 16 15:03 GMT

As the single currency has rebounded again after holding above yesterday's low at 0.8251, suggesting further consolidation above this level would be seen and recovery to 0.8420-25 cannot be ruled out, however, only break of resistance at 0.8470 would signal the fall from 0.8628 top has ended, bring a stronger rebound to 0.8500-10 but price should falter below 0.8579 and bring further choppy trading below said resistance.

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Trade Idea: USD/CAD - Sell at 1.3050 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 15 16 14:58 GMT

As the greenback has recovered after holding above previous support at 1.2831, suggesting further consolidation would be seen and recovery to 1.2975-80 cannot be ruled out, however, reckon upside would be limited to 1.3040-50 and if our view that top has been formed at 1.3140 is correct, prospect of another decline remains, below said support at 1.2831 would add credence to this view, bring further decline to

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Trade Idea: EUR/JPY - Buy at 116.10 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 15 16 10:34 GMT

The single currency has risen again today, adding credence to our bullish view that recent erratic rise from 109.49 low is still in progress and may extend further gain to 118.50-60, however, near term overbought condition should limit upside to 118.90-00 and reckon 119.50 would hold from here, risk from there has increased for a retreat later.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jul 15 16 10:23 GMT

Although aussie has edged higher again today and near term upside risk remains for recent erratic rise from 0.7145 to extend one more rise towards 0.7690-00, overbought condition should prevent sharp move beyond there and reckon 0.7740-50 would cap upside, risk from there has increased for a retreat to take place later.

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