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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/JPY - Sell at 123.95 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 06 16 10:56 GMT

Although euro has retreated after meeting resistance at 123.53 and marginal weakness from here cannot be ruled out, break of support at 121.68 is needed to confirm recent decline has resumed and extend fall to 121.25-30, then 120.90-00 but reckon downside would be limited to

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Trade Idea: AUD/USD - Sell at 0.7510 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 06 16 10:29 GMT

As aussie has dropped again today, adding credence to our view that top has been formed at 0.7835 last month and bearishness remains for current wave c from 0.7720 of the major a-b-c from 0.7835 top to bring at least a retracement of recent rise from 0.6827 low to 0.7350, then towards 0.7300-05 (61.8% Fibonacci retracement of 0.6974-0.7835), however, reckon downside would be limited

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Trade Idea : EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 05 16 15:04 GMT

As the single currency has retreated after meeting resistance at 0.7947, suggesting consolidation below this level would be seen and mild downside bias is for weakness to 0.7840-45, however, break of 0.7800-05 is needed to signal the rebound from 0.7735 has ended, bring further fall to 0.7770, then retest of said support at 0.7735 which is likely to hold

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Trade Idea: USD/CAD - Buy at 1.2700 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 05 16 14:59 GMT

As the greenback has maintained a firm undertone after staging a strong rebound from 1.2461, adding credence to our view that a temporary low has been formed there and consolidation with upside bias remains for retracement of recent decline and gain to 1.2900-10, then 1.2930-35 is likely, however, reckon upside would be limited to 1.2950 and price should falter below

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Trade Idea: EUR/JPY - Sell at 123.95 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 05 16 11:11 GMT

Euro's consolidation above last week's low at 121.68 is likely to continue and asĀ  long as 122.10-15 holds, near term upside risk remains for another rebound to 123.50-55, break there would bring retracement of recent decline to 123.95-00 where renewed selling interest should emerge, bring another fall. A drop below 122.10-15 would signal the rebound from 121.68 has ended, bring

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Trade Idea: AUD/USD - Sell again at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 05 16 11:05 GMT

Aussie has remained under pressure after yesterday's anticipated decline, adding credence to our view that top has been formed at 0.7835 last month and bearishness remains for current wave c from 0.7720 of the major a-b-c from 0.7835 top for at least a retracement of recent rise from 0.6827 low towards 0.7400-05 (50% Fibonacci retracement of 0.6974-0.7835), then

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 04 16 14:45 GMT

The single currency has risen again after brief pullback, suggesting near term upside risk remains for the rebound from 0.7735 to extend gain to 0.7950, however, as this move is viewed as retracement of the fall from 0.8117 top, reckon upside would be limited to 0.7970-75 (61.8% Fibonacci retracement of 0.8117-0.7735) and resistance at 0.7994 should hold from here, bring retreat later.

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Trade Idea : USD/CAD - Buy at 1.2700 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 04 16 14:37 GMT

The greenback has surged again today after yesterday's strong rebound from 1.2461, adding credence to our view that a temporary low has been formed there and consolidation with upside bias remains for retracement of recent decline, hence further gain to 1.2890-00 would be seen, however, reckon upside would be limited to 1.2930-35 and price should falter well below

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Trade Idea: EUR/JPY - Sell at 123.95 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 04 16 11:13 GMT

Although the single currency has retreated after meeting resistance at 123.53, as long as 122.10-15 holds, further consolidation would be seen and near term upside risk remains for another rebound to said resistance, break there would bring retracement of recent decline to 123.95-00 where renewed selling interest should emerge, bring another fall. A drop below 122.10-15 would signal the rebound from 121.68 has ended, bring

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Trade Idea: AUD/USD - Target met and sell again at 0.7555 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 04 16 11:09 GMT

Aussie met renewed selling interest at 0.7720 yesterday and tumbled on RBA, adding credence to our view that top has been formed at 0.7835 last month and our short position entered at 0.7685 met indicated target at 0.7500 (with 185 points profit), current breach of indicated support at 0.7492 has retainedĀ  our bearishness for the fall from 0.7835 top to bring at least a retracement of recent rise from 0.6827 low towards

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 03 16 14:26 GMT

The single currency has rebounded again, adding credence to our view that the decline from 0.8117 top has ended at 0.7735 and near term upside risk remains for the rebound from there to extend gain to 0.7925-30 (50% Fibonacci retracement of 0.8117-0.7735), then towards 0.7970-75 (61.8% Fibonacci retracement), however, reckon resistance at 0.7994 would limit upside and bring another decline later.

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Trade Idea: USD/CAD - Buy again at 1.2570 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 03 16 14:18 GMT

Although the greenback fell briefly to 1.2461, current strong rebound has retained our near term bullishness and consolidation above this level is seen with mild upside bias for test of resistance at 1.2695 but a firm break above there is needed to signal low has been formed, bring retracement of recent decline towards 1.2758 resistance, break there would add credence to this view, then subsequent gain to

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Trade Idea: EUR/JPY - Sell at 123.95 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 03 16 09:31 GMT

As the single currency has rebounded after finding support at 122.12, suggesting further consolidation above last week's low at 121.68 would be seen and another bounce to 123.15-25 cannot be ruled out, however, reckon 123.95-00 would limit upside and bring another decline later, below 122.12 would bring retest of 121.68 but break there is needed to confirm recent decline has resumed and extend weakness to

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Trade Idea: AUD/USD - Hold short entered at 0.7685 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 03 16 09:26 GMT

Although aussie staged an intra-day rebound to 0.7720, renewed selling interest emerged there and price has dropped again in line with our bearish expectation, adding credence to our view that top has been formed earlier at 0.7835 and bearishness remains for another test of support at 0.7548, break there would extend the fall from 0.7835 for retracement of recent upmove towards

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 02 16 15:11 GMT

Euro's rebound after holding above support at 0.7735 (last week's low) suggests decline from 0.8117 top a formed a temporary low there and further consolidation above this level is seen with mild upside bias for test of 0.7880-85 (38.2% Fibonacci retracement of 0.8117-0.7735), then

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Trade Idea: USD/CAD - Hold long entered at 1.2550 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 02 16 15:01 GMT

Although the greenback has remained weak after falling briefly below 1.2500, loss of downward momentum should prevent sharp fall below 1.2490-95 and bring rebound later, above 1.2600-10 would bring recovery to resistance at 1.2695 but break there is needed to suggest low is possibly formed, bring retracement of recent decline to

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Trade Idea: EUR/JPY - Sell at 123.15 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 02 16 10:20 GMT

Euro's intra-day breach of previous support at 121.71 adds credence to our view that medium term downtrend has resumed and bearishness remains for further weakness to 121.25-30, then 120.90-00 but reckon downside would be limited to 120.50 and psychological support at 120.00 would hold from here due to near term oversold condition.

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Trade Idea: AUD/USD - Sell at 0.7685 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 02 16 10:08 GMT

As 0.7587 has contained aussie's retreat from 0.7669, retaining our view that further consolidation would be seen and another bounce to said resistance is likely, however, reckon upside should be limited to 0.7691 (previous support now resistance) and bring another decline, below said support at 0.7587 would bring retest of last week's low at 0.7548, break there would add credence to our view that

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Trade Idea: EUR/GBP - Exit short entered at 0.7835 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 29 16 15:00 GMT

As the single currency has rebounded after holding above support at 0.7735, suggesting further consolidation above this week's low would be seen and upside risk has increased for a stronger rebound to 0.7865 (50% Fibonacci retracement of 0.7994-0.7735) but reckon 0.7895 (61.8% Fibonacci retracement) would limit upside and bring another decline next week.

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Trade Idea: USD/CAD - Hold long entered at 1.2550 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 29 16 14:52 GMT

Although the greenback has remained under pressure, loss of downward momentum should prevent sharp fall below 1.2490-95 and bring rebound later, above 1.2600-10 would bring recovery to resistance at 1.2695 but break there is needed to suggest low is possibly formed, bring retracement of recent decline to 1.2758 resistance, break there would add credence to this view, then subsequent gain to

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