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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 - Sell at 0.8730 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 17 17 14:38 GMT

Although euro opened higher and rose to as high as 0.8857, the subsequent sharp retreat suggests top is possibly formed there and consolidation with mild downside bias is seen for weakness to 0.8600, however, a break below previous resistance at 0.8582 is needed to retain bearishness and bring further fall to 0.8550 later.

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Trade Idea: USD/CAD - Sell at 1.3180 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 17 17 14:33 GMT

As the greenback has fallen again after brief recovery, suggesting the decline to 1.3599 is still in progress and bearishness remains for this fall to extend further weakness to 1.3000 and then towards 1.2950, however, oversold condition should prevent sharp fall below 1.2900, risk from there has increased for a rebound to take place later.

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Trade Idea: EUR/JPY - Sell at 121.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 17 17 11:21 GMT

The single currency has fallen again after opening lower yesterday and has remained under pressure, adding credence to our view that the erratic decline from 124.10 top is still in progress and downside bias remains for the fall from there to bring retracement of recent rise, hence weakness to 120.50, then

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Trade Idea: AUD/USD - Buy at 0.7470 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 17 17 11:17 GMT

Aussie has surged again after brief pullback and broke above indicated previous resistance at 0.7525, suggesting early entire fall from 0.7778 has ended at 0.7158 and upside bias remains for further gain to 0.7575-80, however, loss of near term upward momentum should prevent sharp move beyond 0.7620-30 and reckon 0.7670-80 would hold

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 16 17 14:35 GMT

Although euro opened higher on sterling's broad-based weakness, lack of follow through buying and current retreat from 0.8857 suggest consolidation would be seen and pullback to 0.8750 cannot be ruled out, however, break of 0.8694 support is needed to signal a temporary top is formed, bring retracement of recent rise to

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Trade Idea: USD/CAD - Sell at 1.3330 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 16 17 14:28 GMT

As the greenback recovered after last week's brief fall to 1.3030, suggesting consolidation above this level would be seen and corrective bounce to 1.3250 and possibly 1.3290-95 cannot be ruled out, however, reckon 1.3330-40 would limit upside and bring another decline later. A break of said support at 1.3030 would extend recent decline from 1.3599 top to

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Trade Idea: EUR/JPY - Sell at 121.65 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 16 17 10:06 GMT

The single currency met resistance at 122.42 on Friday and opened lower today, suggesting the erratic decline from 124.10 top is still in progress and mild downside bias remains for the fall from there to bring retracement of recent rise, hence weakness to 120.50, then 120.00 would be seen, however, near term oversold condition should prevent sharp fall below

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Trade Idea: AUD/USD - Buy at 0.7420 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 16 17 09:54 GMT

As aussie’s has retreated after rising to 0.7519 last week, suggesting consolidation below this level would be seen and whilst initial pullback to 0.7440-50 cannot be ruled out, reckon 0.7400-10 would contain downside and bring another upmove later, above resistance at 0.7519-25 would signal the fall from 0.7778 has ended at 0.7158 and further gain to

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Trade Idea: EUR/GBP - Buy at 0.8605 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 12 17 14:39 GMT

Euro’s retreat after this week’s rise to 0.8764 suggests consolidation below this level would be seen and initial downside risk remains for pullback to 0.8630-35, however, reckon 0.8600 would contain downside and bring another rise later, above said resistance at 0.8764 would signal recent erratic rise from 0.8304 is still in progress for headway to 0.8800 but near term overbought condition should limit upside to

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Trade Idea: USD/CAD - Sell at 1.3250 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 12 17 14:26 GMT

The greenback has dropped again after meeting renewed selling interest at 1.3294 and the breach of previous support at 1.3081 signals top has indeed been formed earlier at 1.3589, adding credence to our bearish view and downside bias remains for the fall from there to extend weakness to 1.3000, however, near term oversold condition should limit downside to 1.2950-55 and reckon 1.2900-10 would remain intact.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 12 17 10:46 GMT

The single currency slipped again and decline accelerated after breaking below indicted support at 122.01 and price eventually penetrated support at 121.58, suggesting top has been formed earlier at 124.10 (tentatively wave v top), hence consolidation with downside bias is seen for the erratic decline from 124.10 to bring retracement of recent rise to 120.91, then towards 120.50, however, near term oversold condition should limit downside and

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Trade Idea: AUD/USD - Buy at 0.7430 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 12 17 10:35 GMT

As aussie’s has rallied again yesterday, suggesting the rise from 0.7158 low is still in progress and a sustained breach above resistance at 0.7525 would signal the fall from 0.7778 has ended at 0.7158 and further gain to 0.7575-80 would be seen, however, near term overbought condition should limit upside to 0.7620-30 and reckon 0.7670-80 would hold

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Trade Idea: EUR/GBP - Buy at 0.8630 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 11 17 15:30 GMT

Although euro’s retreat after yesterday’s rise to 0.8764 suggests consolidation below this level would be seen and initial downside risk remains for pullback to 0.8630-35, reckon 0.8600 would contain downside and bring another rise later, above said resistance at 0.8764 would signal recent erratic rise from 0.8304 is still in progress for headway to 0.8800 but near term overbought condition should limit upside to 0.8830-35.

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Trade Idea: USD/CAD - Sell at 1.3350 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 11 17 15:25 GMT

As the greenback has recovered after holding above support at 1.3177 (last week’s low), suggesting consolidation above this level would be seen and recovery to 1.3350 cannot be ruled out, however, reckon previous support at 1.3387 would cap upside and bring another decline later, below said support at 1.3177 would signal the fall from 1.3599 top is still in progress and extend further weakness to 1.3150, then towards

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Trade Idea: EUR/JPY - Hold long entered at 122.50 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 11 17 09:28 GMT

Although the single currency has remained under pressure after retreating sharply from 123.73 and further consolidation would take place, as long as indicated support at 122.01 (last week's low) holds, mild upside bias remains for another rebound to said resistance but break of resistance at 123.86 is needed to retain bullishness, bring retest of 124.10, once this level is penetrated, this would confirm recent upmove has resumed and extend further gain in wave v of larger degree wave iii to

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Trade Idea: AUD/USD - Buy at 0.7300 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 11 17 09:17 GMT

As aussie has continued edging higher, suggesting the rebound from 0.7158 low is still in progress, hence consolidation with mild upside bias remains for this move to bring retracement of recent decline to 0.7430-35, however, reckon upside would be limited to 0.7480-85 and price should falter below resistance at 0.7525, bring another decline later.

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Trade Idea: EUR/GBP - Buy at 0.8640 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 10 17 15:27 GMT
Although the single currency retreated after intra-day rise to 0.8764 and consolidation below this level would be seen with initial downside bias for pullback to 0.8670, reckon 0.8635-40 would contain downside and bring another rise later, above said resistance at 0.8764 would signal recent erratic rise from 0.8304 is still in progress for headway to 0.8800 but near term overbought condition should limit upside to EUR/GBP - 0.8707
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Trade Idea: USD/CAD - Sell at 1.3330 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 10 17 15:15 GMT

As the greenback has remained under pressure, suggesting the fall from 1.3599 top is still in progress and below support at 1.3277 would extend further weakness to 1.3150, then towards 1.3100 level later this week, however, near term oversold condition should prevent sharp fall below previous support at 1.3081, risk from there has increased for a rebound to take place later.

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Trade Idea: EUR/JPY - Hold long entered at 122.50 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 10 17 09:14 GMT

Although the single currency retreated quite sharply from 123.73 and further consolidation would take place, as long as indicated support at 122.01 (last week's low) holds, mild upside bias remains for another rebound to said resistance but break of resistance at 123.86 is needed to retain bullishness, bring retest of 124.10

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Trade Idea: AUD/USD - Buy at 0.7280 Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 10 17 09:10 GMT

As aussie has risen again after brief pullback, suggesting the rebound from 0.7158 low is still in progress, hence consolidation with mild upside bias is seen for this move to bring retracement of recent decline to 0.7385 (61.8% Fibonacci retracement of 0.7525-0.7158) and possibly 0.7430-35, however, reckon upside would be limited to 0.7480-85 and price should falter below

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