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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 142.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 17 14 09:35 GMT

As the single currency has rebounded again after finding support at 140.99, suggesting near term upside risk remains for test of 141.90, however, reckon 142.15-20 (61.8% Fibonacci retracement of 143.48-140.08) would limit upside and bring another decline later. Below 140.99 would bring weakness to 140.60-65, break there would bring weakness to previous support at 139.96 

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Trade Idea: AUD/USD - Buy at 0.9260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 17 14 09:31 GMT

Although aussie recovered after falling to 0.9332 yesterday, reckon 0.9426 would limit upside and near term downside risk remains for correction to previous resistance at 0.9305-08, however, renewed buying interest should emerge around 0.9250-60, bring another rise later. A break of said resistance at 0.9426 would signal pullback from 0.9461 has ended and bring retest of this level, above there would confirm recent upmove is still in progress in wave v of iii for gain towards 0.9500

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Trade Idea: EUR/GBP - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 15:04 GMT

Current break of previous support at 0.8231 dampened our near term bullishness and downside risk remains for the fall from 0.8400 to 0.8200, however, loss of downward momentum should prevent sharp fall below 0.8180 and price should stay well above recent low of 0.8158. Only a break of previous support at 0.8158 would extend early decline from 0.8769 in final leg of wave (c) to 0.8130-35

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 15:00 GMT

As long as indicated support at 1.0942 holds, near term bullishness remains for the rise from 1.0858 low to bring at least a retracement of recent decline to 1.1019 (38.2% Fibonacci retracement of 1.1279-1.0858), break there would add credence to our view that low has been formed at 1.0858 as either the first leg of iv or entire wave iv, then gain to 1.1045-50 would follow

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Trade Idea: EUR/JPY - Sell at 142.20 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 09:01 GMT

Despite yesterday's brief fall to 140.23, as the single currency has rebounded after holding above support at 140.08, retaining our view that consolidation would be seen and gain to 141.90 cannot be ruled out, however, reckon 142.15-20 (61.8% Fibonacci retracement of 143.48-140.08) would limit upside and bring another decline later. Below 140.60-65 would bring weakness to previous support at 139.96

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Trade Idea: AUD/USD - Buy at 0.9260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 16 14 08:48 GMT

Aussie's retreat from 0.9461 (last week's high) has retained our view that further consolidation below this level would be seen and correction to previous resistance at 0.9305-08 cannot be ruled out, however, renewed buying interest should emerge around 0.9250-60, bring another rise later. A break of said resistance at 0.9461 would signal recent upmove is still in progress in wave v of iii for gain towards 0.9500

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Trade Idea: EUR/GBP - Hold long entered at 0.8270 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 15 14 14:30 GMT

The single currency met renewed selling interest at 0.8283 today and has slipped again, suggesting caution on our bullishness and 0.8231 support needs to hold to retain our view that low has been formed there, bring another rebound later, above indicated resistance at 0.8310-15 would add credence to this view, bring retracement of recent decline to previous support at 0.8325-30, break there would suggest recent fall has ended and further gain to 0.8370 would follow

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 15 14 14:27 GMT

The greenback found renewed buying interest at 1.0942 yesterday and has risen again, retaining our near term bullishness for the rise from 1.0858 low to bring at least a retracement of recent decline to 1.1019 (38.2% Fibonacci retracement of 1.1279-1.0858), break there would add credence to our view that low has been formed at 1.0858 as either the first leg of iv or entire wave iv, then gain to 1.1045-50 would follow, break there would encourage for test of 1.1075-80

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Trade Idea: EUR/JPY - Sell at 141.90 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 15 14 08:23 GMT

Although the single currency has dropped again today and test of last week's low at 140.08 cannot be ruled out, break there is needed to signal early fall from 143.48 (wave 2 top) has resumed and bring test of previous support at 139.96 (tentatively wave 1 bottom), a drop below there would confirm our bearish count and extend the decline from 143.79 (wave B top) in wave 3 for weakness to 139.40-50, then towards previous support at 138.79

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Trade Idea: AUD/USD - Buy at 0.9260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 15 14 08:17 GMT

As aussie has retreated again after meeting renewed selling interest at 0.9426 again, retaining our view that further consolidation below last week's high of 0.9461 would be seen and minor correction to 0.9335-40 is likely, however, downside should be limited to previous resistance at 0.9305-08 and renewed buying interest should emerge around 0.9250-60, bring another rise later. A break of said resistance at 0.9461 would signal recent upmove is still in progress in wave v of iii for gain towards 0.9500

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Trade Idea: EUR/GBP - Hold long entered at 0.8270 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 14 14 14:35 GMT

Despite last week's strong rebound to 0.8310, as the single currency has retreated quite sharply after holding below previous resistance at 0.8315, dampening our view that low has been formed at 0.8231 and this support needs to hold to retain prospect of another rebound later, above indicated resistance at 0.8310-15 would add credence to this view, bring retracement of recent decline to previous support at 0.8325-30, break there would suggest recent fall has ended

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 14 14 14:30 GMT

As the greenback has retreated after intra-day initial rise to 1.0993, suggesting consolidation would be seen but downside should be limited to Friday's low of 1.0919 and bring another rebound to said resistance, above there would bring test of previous resistance at 1.1010, break there would suggest low is possibly formed at 1.0858, then gain to 1.1045-50 would follow, break there would add credence to this view, bring test of 1.1075-80, a breach of this level would confirm

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Trade Idea: EUR/JPY - Sell at 141.90 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 14 14 09:45 GMT

Although the single currency slipped after opening lower earlier today, break of last week's low of 140.08 is needed to signal early fall from 143.48 (wave 2 top) has resumed and bring test of previous support at 139.96 (tentatively wave 1 bottom), a drop below there would confirm our bearish count and extend the decline from 143.79 (wave B top) in wave 3 for weakness to 139.40-50, then towards previous support at 138.79, however, only below latter level would retain bearishness

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Trade Idea: AUD/USD - Buy at 0.9260 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 14 14 09:31 GMT

Aussie's retreat after last week's rise to 0.9461 suggests consolidation below this level would be seen and and minor correction to 0.9335-40 is likely, however, downside should be limited to previous resistance at 0.9305-08 and renewed buying interest should emerge around 0.9250-60 and bring another rise later. A break of said resistance at 0.9461 would signal recent upmove is still in progress in wave v of iii for gain towards 0.9500 but loss of momentum should prevent sharp move beyond 0.9550-60

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Trade Idea: EUR/GBP - Buy at 0.8270 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 11 14 14:09 GMT

Euro's rebound after finding good support at 0.8231 earlier this week adds credence to our view that consolidation above this level would be seen and test of resistance at 0.8315 is likely, however, break of this last week's high is needed to confirm, bring a stronger rebound to previous support at 0.8325-30, above there would suggest recent decline has ended and further gain to 0.8370 would follow but resistance at 0.8400 should hold from here.

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 11 14 14:04 GMT

As the greenback found good support at 1.0858 and has staged a strong rebound, retaining our near term bullishness for either the wave iv or 1st leg of wave iv to end soon) and consolidation with mild upside bias remains for retracement of recent decline, above 1.1010 would suggest low is possibly formed, then gain to 1.1045-50 would follow, break there would add credence to this view, bring test of 1.1075-80, a breach of this level would confirm

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Trade Idea: EUR/JPY - Sell at 141.90 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 11 14 09:34 GMT

The single currency found support at 140.60 and rebounded, retaining our view that further consolidation above 140.08 support would be seen, however, reckon upside would be limited to 141.90-00 and bring another decline. We are keeping our latest preferred count that the rebound from 139.96 has ended at 143.48 as wave 2 and bearishness remains for a retest of support at 139.96, break there would confirm and extend the decline from 143.79 (wave B top) in wave 3 for weakness to 139.40-50, then towards previous support at 138.79

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Trade Idea: AUD/USD - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 11 14 09:30 GMT

Although the Australian dollar retreated after rising to 0.9461 yesterday and consolidation below this level would be seen, break of 0.9335-40 is needed to suggest top is possibly formed, bring weakness to previous resistance at 0.9305-08, break there would confirm and signal wave iv correction has commenced for weakness to 0.9250-55 but support at 0.9206 (previous 4th of a lesser degree) would limit downside and bring another rise later.

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Trade Idea: EUR/GBP - Buy at 0.8255 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 10 14 15:00 GMT

As the single currency has rebounded after holding above yesterday's low of 0.8231, suggesting consolidation above this level would be seen and test of resistance at 0.8285 is likely, however, break of resistance at 0.8315 (last week's high) is needed to confirm, bring a stronger rebound to previous support at 0.8325-30, above there would suggest recent decline has ended and further gain to 0.8370 would follow

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Trade Idea: USD/CAD - Hold long entered at 1.0890 Print E-mail
Elliott Wave Daily | Written by Action Forex | Apr 10 14 14:55 GMT

Despite intra-day fall to 1.0858, as this move is viewed as the final leg of the fall from 1.1279 top (wave (v) of iii and is either the first leg or the entire wave iv from 1.1279), downside should be limited and reckon 1.0850 would hold, bring rebound later, above 1.0940-45 would bring test of 1.1010, break there would suggest low is possibly formed, then gain to 1.1045-50 would follow

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