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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 0.8350 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 09 16 15:29 GMT

Although the single currency has retreated after brief rise to 0.8573 yesterday and initial downside risk remains for weakness to 0.8350, if our view that a temporary low formed at 0.8304 is correct, downside should be limited to 0.8330, bring another rebound later to

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Trade Idea: USD/CAD - Sell at 1.3310 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 09 16 15:17 GMT

As the greenback has continued heading south after recent decline, adding credence to our view that top has been formed at 1.3589 and bearishness remains for this decline from there to extend further weakness to 1.3130-40 and then 1.3100, however, oversold condition should prevent sharp fall below

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Trade Idea: EUR/JPY - Hold long entered at 121.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 09 16 10:12 GMT

Although the single currency retreated after yesterday's brief rise to 123.35, as euro recovered after finding support at 120.91, consolidation would be seen with mild upside bias for another bounce to 122.00 and then 122.40-50, however, price should falter well below said resistance at 123.35 and bring further choppy trading.

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Trade Idea: AUD/USD - Sell at 0.7550 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 09 16 10:03 GMT

Although aussie retreated after meeting resistance at 0.7508, as long as 0.7416 support holds, further consolidation would take place and another corrective bounce to said resistance at 0.7508 cannot be ruled out, however, reckon upside would be limited to 0.7525-30 (50% Fibonacci retracement of 0.7742-0.7311) and 0.7550 should hold, bring another decline later.

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Trade Idea: EUR/GBP - Buy at 0.8370 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 08 16 15:52 GMT

Although euro has retreated after intra-day brief rise to 0.8573 and initial downside risk is seen for weakness to 0.8400, if our view that a temporary low formed at 0.8304 is correct, downside should be limited to 0.8365-70, bring another rebound later, break of said resistance at 0.8573 would add credence to this view, bring retracement of recent decline to

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Trade Idea : USD/CAD - Sell at 1.3350 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 08 16 15:45 GMT

As the greenback has remained under pressure, adding credence to our view that top has been formed at 1.3589 and bearishness remains for this decline from there to extend further weakness to 1.3170 and then 1.3130-40, however, oversold condition should prevent sharp fall below 1.3100, risk from there is seen for a rebound to take place later.

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Trade Idea: EUR/JPY - Buy at 121.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 08 16 09:44 GMT

Euro's near term sideways trading is likely to continue and although pullback to 121.50 cannot be ruled out, reckon 120.95-00 would limit downside and bring another upmove later, above resistance at 123.20 (this week's high) would extend recent upmove in minor wave v of larger degree wave iii to

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Trade Idea: AUD/USD - Sell at 0.7530 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 08 16 09:39 GMT

Although aussie has edged higher again after rebounding from 0.7416 and near term upside risk remains for the corrective rise to extend gain to 0.7525-30 (50% Fibonacci retracement of 0.7742-0.7311), reckon 0.7550 would limit upside and bring another decline later. A drop below said support at 0.7416 would suggest top is formed, bring weakness to

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Trade Idea: EUR/GBP - Buy at 0.8380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 07 16 15:05 GMT

Euro only eased to 0.8406 before staging another strong rebound, adding credence to our view that a temporary low has been formed at 0.8304 earlier this week, hence consolidation above this level would be seen with mild upside bias for gain to 0.8579 resistance, break there would add credence to this view, bring retracement of recent decline to

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Trade Idea: USD/CAD - Sell at 1.3380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 07 16 14:54 GMT

As the greenback found support at 1.3235 and recovered, retaining our view that consolidation above this level would be seen and corrective bounce to 1.3350-55 cannot be ruled out, however, reckon upside would be limited to 1.3385-90 (50% Fibonacci retracement of 1.3538-1.3235) and bring another decline later. A break of said support at 1.3235 would extend the decline from 1.3589 top (formed last month) for

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Trade Idea: EUR/JPY - Buy at 121.00 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 07 16 10:21 GMT

As the single currency has eased after rising to 123.20 earlier this week, suggesting minor consolidation below this level would be seen and pullback to 121.50 cannot be ruled out, however, reckon the Kijun-Sen (now at 120.96) would limit downside and bring another upmove later, above said resistance at 123.20 would extend recent upmove in minor wave v of larger degree wave iii to

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Trade Idea: AUD/USD - Sell at 0.7530 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 07 16 10:09 GMT

Aussie's rebound after finding support at 0.7370 has retained our view that further consolidation would take place and another bounce to 0.7498 resistance cannot be ruled out, however, still reckon upside would be limited and renewed selling interest should emerge around 0.7525-30 (50% Fibonacci retracement of 0.7742-0.7311) and bring another decline later.

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Trade Idea: EUR/GBP - Buy at 0.8380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 06 16 15:25 GMT

Euro's rebound after falling to 0.8304 yesterday has retained our view that consolidation above this level would be seen and test of resistance at 0.8480-85 cannot be ruled out, above there would suggest a temporary low is possibly formed, bring a stronger rebound to 0.8530-40 but still reckon resistance at 0.8579 would hold

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Trade Idea: USD/CAD - Sell at 1.3380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 06 16 15:13 GMT

As the greenback recovered after brief fall to 1.3235, suggesting consolidation above this level would be seen and corrective bounce to 1.3350-55 cannot be ruled out, however, reckon upside would be limited to 1.3385-90 (50% Fibonacci retracement of 1.3538-1.3235) and bring another decline later. A break of said support at 1.3235 would extend the decline from 1.3589 top (formed last month) for

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Trade Idea: EUR/JPY - Buy at 121.30 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 06 16 11:03 GMT

As the single currency rallied after early anticipated retreat to 118.71 (minor wave iv), suggesting recent upmove is still in progress and this minor wave v of larger degree wave iii may extend further gain to 123.20 and possibly towards 123.60-65 (61.8% Fibonacci retracement of 132.33-109.49), however, overbought condition should limit upside to 124.00 and price should falter well below

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Trade Idea: AUD/USD - Sell at 0.7530 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 06 16 10:47 GMT

As aussie rebounded after finding support at 0.7370 last week, retaining our view that further consolidation would take place and another bounce to 0.7498 resistance cannot be ruled out, however, still reckon upside would be limited and renewed selling interest should emerge around 0.7525-30 (50% Fibonacci retracement of 0.7742-0.7311) and bring another decline later. A drop below 0.7360-65 would signal the rebound from 0.7311 has ended

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Trade Idea: EUR/GBP - Buy at 0.8380 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 05 16 15:17 GMT

As the single currency has rebounded after falling to 0.8304, consolidation above this level would be seen and test of resistance at 0.8480-85 cannot be ruled out, above there would suggest a temporary low is possibly formed, bring a stronger rebound to 0.8530-40 but still reckon resistance at 0.8579 would hold from here, bring another decline later.

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Trade Idea: USD/CAD - Sell at 1.3370 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 05 16 15:07 GMT

The greenback has remained under pressure and consolidation with mild downside bias remains for the erratic fall from 1.3589 top (formed last month) to bring retracement of recent upmove, hence further decline to 1.3200 and then 1.3170, however, reckon 1.3130-40 would hold from here due to oversold condition, bring rebound later.

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Trade Idea: EUR/JPY - Target met and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 05 16 11:09 GMT

Although the single currency opened lower earlier today and did drop in line with our near term bearish expectation (our short position entered at 121.50 met target at 119.50 with 200 points profit), euro found renewed buying interest at 118.71 and has rallied again, suggesting recent upmove has resumed and may bring test of 122.02 resistance, break there would extend gain to

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Trade Idea: AUD/USD - Sell at 0.7530 Print E-mail
Elliott Wave Daily | Written by Action Forex | Dec 05 16 10:57 GMT

As aussie found support at 0.7370 last week and rebounded, retaining our view that further consolidation would take place and another bounce to 0.7470 cannot be ruled out, however, still reckon upside would be limited to 0.7498 resistance and renewed selling interest should emerge around 0.7525-30 (50% Fibonacci retracement of 0.7742-0.7311) and bring another decline later.

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