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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 0.7725 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 27 16 14:59 GMT

Euro's recovery after falling to 0.7565 (exactly 100% projection of 0.8117-0.7735 measuring from 0.7947) suggests consolidation above this level would be seen and corrective bounce to 0.7670-75 cannot be ruled out, however, reckon upside would be limited to 0.7725-30 and bring another decline. A break of said support at 0.7565 would extend recent decline from 0.8117 to

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Trade Idea: USD/CAD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 27 16 14:55 GMT

Despite yesterday's anticipated fall to 1.2911, the subsequent strong rebound suggests the retreat from 1.3188 has possibly ended there and gain to 1.3100-10 cannot be ruled out, however, break of 1.3142 resistance is needed to add credence to this view, bring retest of said this week's high which is likely to hold

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Trade Idea: EUR/JPY - Hold long entered at 122.55 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 27 16 10:23 GMT

As euro has retreated after faltering below resistance at 123.12, suggesting further consolidation would be seen, however, as long as support at 122.26 (yesterday's low) holds, mild upside bias remains for another rebound, above said resistance would bring subsequent gain to 123.50, then towards resistance area at 124.05-18 but as broad outlook remains consolidative, price should falter below

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Trade Idea : AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 27 16 10:10 GMT

As aussie has recovered after falling to 0.7145 earlier this week, suggesting consolidation above this level would be seen and corrective bounce to resistance at 0.7260 cannot be ruled out, however, above 0.7295-00 is needed to signal a temporary low has been formed there, bring retracement of recent decline to 0.7350 and then test of resistance at 0.7367 would follow.

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Trade Idea: EUR/GBP - Sell at 0.7725 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 26 16 15:13 GMT

As the single currency has recovered after falling to 0.7565 yesterday (exactly 100% projection of 0.8117-0.7735 measuring from 0.7947), suggesting consolidation above this level would be seen and corrective bounce to 0.7670-75 cannot be ruled out, however, reckon upside would be limited to 0.7725-30 and bring another decline. A break of said support at 0.7565 would extend recent decline from 0.8117 to

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Trade Idea: USD/CAD - Target met and stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 26 16 15:08 GMT

The greenback did drop in line with our near term bearish expectations, our short position entered at 1.3142 reached our indicated downside target at 1.3000, however, as price has rebounded after intra-day fall to 1.2911, suggesting consolidation would be seen and initial recovery to 1.3040-45 cannot be ruled out, however, reckon upside would be limited to previous support at 1.3086

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Trade Idea: EUR/JPY - Buy at 122.55 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 26 16 09:25 GMT

As euro has rebounded after intra-day brief fall to 122.26, suggesting consolidation above this level would be seen with mild upside bias for another bounce to 123.50, then towards resistance area at 124.05-18, however, as broad outlook remains consolidative, price should falter below resistance at 124.65 and bring further choppy trading later.

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 26 16 09:21 GMT

Aussie's recovery after falling to 0.7145 earlier this week suggests consolidation above this level would be seen and corrective bounce to 0.7250-60 cannot be ruled out, however, above 0.7295-00 is needed to signal a temporary low has been formed there, bring retracement of recent decline to 0.7350 and then test of resistance at 0.7367.

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Trade Idea: EUR/GBP - Sell at 0.7650 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 25 16 14:37 GMT

The single currency has fallen again after brief recovery, adding credence to our view that the decline from 0.8117 is still in progress and bearishness remains for this fall to extend further weakness to 0.7565 (100% projection of 0.8117-0.7735 measuring from 0.7947), then 0.7525-30 however, oversold condition should limit downside to

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Trade Idea: USD/CAD - Hold short entered at 1.3142 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 25 16 14:33 GMT

The greenback has retreated after yesterday's marginal rise to 1.3188, retaining our view that consolidation below this level would be seen with mild downside bias for weakness to 1.3045, break there would signal top has been formed there, bring retracement of recent rise to 1.3000 but reckon previous resistance at 1.2963 would hold

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Trade Idea: EUR/JPY - Sell at 123.40 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 25 16 09:28 GMT

As euro has recovered after falling to 122.34, suggesting minor consolidation would be seen, however, reckon upside would be limited to 123.40-50 and bring another decline to 121.95-00 but break there is needed to add credence to our view that early rebound from 121.48 has ended at 124.65, bring retest of said recent low, break there would confirm early decline has resumed

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | May 25 16 09:23 GMT

As aussie has recovered after falling to 0.7145 yesterday, suggesting consolidation above this level would be seen and recovery to 0.7250-60 cannot be ruled out, however, above 0.7295-00 is needed to signal a temporary low is formed, bring retracement of recent decline to 0.7350 and then test of resistance at 0.7367.

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Trade Idea: EUR/GBP - Sell at 0.7690 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 24 16 15:21 GMT

The single currency met renewed selling interest at 0.7754 yesterday and has tumbled again today, current breach of support at 0.7649 confirms the decline from 0.8117 top has resumed and bearishness remains for this fall to extend further weakness to 0.7600, then towards 0.7565 (100% projection of 0.8117-0.7735 measuring from 0.7947), however, oversold condition should limit downside to

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Trade Idea: USD/CAD - Sell here Print E-mail
Elliott Wave Daily | Written by Action Forex | May 24 16 14:51 GMT

As the greenback has retreated after intra-day marginal rise to 1.3188, suggesting consolidation below this level would be seen and consolidation with mild downside bias is seen for test of 1.3095-00 but break of previous support at 1.3076 is needed to suggest top is possibly formed, bring retracement of recent rise to 1.3000 but reckon previous resistance at 1.2963 would hold

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Trade Idea: EUR/JPY - Sell at 123.10 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 24 16 11:04 GMT

Yesterday's breach of previous support at 122.62 suggests the rebound from 121.48 has possibly ended at 124.65 earlier and consolidation with downside bias is seen for weakness to 121.95-00 but break there is needed to add credence to this view, bring retest of this level, break there would confirm early decline has resumed and extend weakness to

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Trade Idea: AUD/USD - Sell at 0.7255 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 24 16 10:55 GMT

Aussie has fallen again after brief recovery, suggesting recent decline from 0.7835 top is still in progress and current wave c may extend weakness to 0.7100-10, however, loss of downward momentum should prevent sharp fall below 0.7050 and reckon psychological support at 0.7000 would hold from here, risk from there is seen for a rebound to take place later.

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Trade Idea: EUR/GBP - Sell at 0.7770 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 23 16 14:32 GMT

Euro's rebound after falling to 0.7649 last week has retained our view that consolidation above this level would be seen, however, reckon upside would be limited to 0.7765-70 and bring another decline later, below 0.7685-90 would bring test of said support at 0.7649, break there would extend the decline from 0.8117 top to 0.7630-35, then 0.7600 but oversold condition should limit downside and reckon

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Trade Idea: USD/CAD - Buy at 1.3050 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 23 16 14:16 GMT

As the greenback has maintained a firm undertone after last week's rally, adding credence to our view that low has been formed at 1.2461 and the rise from there may bring retracement of recent decline to 1.3200, then 1.3235-40 (50% Fibonacci retracement of 1.4017-1.2461), 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 | May 23 16 10:23 GMT

Despite rebounding to 124.05 on Friday, the single currency has retreated quite sharply after faltering below indicated previous resistance at 124.18, dampening our near term bullishness and downside risk is seen for weakness to 121.95-00 but break there is needed to signal the rebound from 121.48 has ended, bring retest of this level

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Trade Idea: AUD/USD - Sell at 0.7340 Print E-mail
Elliott Wave Daily | Written by Action Forex | May 23 16 10:14 GMT

Although aussie has recovered after falling to 0.7176 last week and further consolidation above this level would be seen with initial upside bias for corrective bounce to 0.7290-00, reckon 0.7340-50 would limit upside and bring another decline later, break of said support at 0.7176 would extend recent decline in wave c to

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