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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 0.7980 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 14:55 GMT

As the single currency has retreated sharply after rising to 0.8047 last week, suggesting the a leg of the correction from 0.7766 low has ended there and consolidation with mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence bearishness is seen for weakness towards support at 0.7850, having said that, reckon 0.7820-25 would limit downside and 0.7790-00 would hold, bring another rebound later.

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 14:49 GMT

As the greenback has retreated after rising to 1.1366 last week, retaining our view that consolidation below this level would be seen and pullback to 1.1180-90 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above said resistance at 1.1366 would extend recent rise from 1.0660 low to 1.1440-50 but anticipated overbought condition should limit upside to 1.1500, bring retreat later.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 09:35 GMT

Although the single currency has retreated again after faltering below yesterday's high of 137.01 and consolidation would be seen, break of 136.00 is needed to suggest top is possibly formed, bring pullback to 135.50-60, however, if our view that a temporary formed at 134.14 last week is correct, downside should be limited to 135.00-10 and bring another rebound later.

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Trade Idea: AUD/USD - Sell at 0.8845 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 21 14 09:30 GMT

Although aussie edged higher after rebounding from 0.8686 and near term upside risk remains for marginal gain, as outlook is still consolidative, reckon resistance at 0.8860 would limit upside and bring another decline to said support at 0.8686. Below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550

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Trade Idea: EUR/GBP - Sell at 0.7980 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 14:31 GMT

Although the single currency rallied to 0.8047 last week, the subsequent retreat after faltering below resistance at 0.8066 suggests the a leg of the correction from 0.7766 low has ended there and consolidation with mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence bearishness is seen for weakness to 0.7880 and possibly towards support at 0.7850, having said that, reckon 0.7820-25 would limit downside

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 14:26 GMT

Despite last week's rise to 1.1386, the subsequent retreat suggests consolidation would be seen and pullback to 1.1190-00 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above said resistance would extend recent rise from 1.0660 low to 1.1440-50 but overbought condition should limit upside to 1.1500, bring retreat later.

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Trade Idea: EUR/JPY - Exit short entered at 136.90 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 08:52 GMT

Despite last week's resumption of decline to 134.14, the subsequent strong rebound suggest low has possibly been formed there and consolidation with mild upside bias is seen for retracement of recent decline, above 137.00 would bring further gain to 137.50, however, break of resistance at 137.94 is needed to add credence to this view, bring stronger rebound to 138.40-50 and possibly towards 138.80 which is likely to hold from here.

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Trade Idea: AUD/USD - Sell at 0.8835 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 20 14 08:45 GMT

As aussie rebounded after holding above this month's low at 0.8643, suggesting further consolidation would be seen and recovery to 0.8830-35 cannot be ruled out, however, reckon resistance at 0.8860 would limit upside and bring another decline. Below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550

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Trade Idea: EUR/GBP - Buy at 0.7860 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 14 14 14:41 GMT

As euro's rebound from 0.7766 has gathered momentum and broke above indicated level of 0.7915, adding credence to our view that the wave v has possibly ended there and consolidation with upside bias remains for retracement of recent decline, hence further gain to 0.8010 would be seen, however, break there is needed to retain bullishness and encourage for a stronger rebound towards another previous resistance at 0.8066

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 14 14 14:35 GMT

The strong rebound after finding renewed buying interest at 1.1082 suggests the pullback from 1.1270 (this month's high) has possibly ended at 1.1082 last week and consolidation with upside bias is seen but only break of resistance at 1.1270-79 would confirm recent upmove has resumed and extend gain to 1.1300-10 and possibly 1.1340-50, however, overbought condition would limit upside to 1.1400.

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Trade Idea: EUR/JPY - Sell at 136.90 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 14 14 09:30 GMT

As the single currency has fallen again after brief recovery, suggesting recent decline is still in progress and may extend further weakness to 135.00 and possibly towards 134.50-60, however, loss of downward momentum should prevent sharp fall below 134.30-35 (100% projection of 145.69-136.23 measuring from 143.79) and reckon 134.11 support would contain downside, risk from there is seen for a strong rebound to take place later this week.

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Trade Idea: AUD/USD - Hold short entered at 0.8800 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 14 14 09:25 GMT

Despite staging a rebound from this week's low of 0.8652, as the Australian dollar met renewed selling interest at 0.8812 and has retreated, retaining our bearishness for recent decline fo resume after consolidation, bring another fall to said support, however, break of previous support at 0.8643 (wave iii trough) is needed to extend recent decline in wave v for weakness to 0.8600 and possibly 0.8550 but loss of momentum should prevent sharp fall below 0.8500.

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Trade Idea: EUR/GBP - Buy at 0.7805 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 13 14 14:51 GMT

Euro's rebound after finding good support at 0.7766 earlier suggests the wave v has possibly ended there and consolidation with upside bias is seen for retracement of recent decline, above 0.7915 would add credence to this view and bring further gain to 0.7950-55 and later towards 0.8000 which is likely to hold on first testing due to near term overbought condition.

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 13 14 14:47 GMT

As the greenback has staged a strong rebound after holding above previous support at 1.1072, suggesting pullback from 1.1270 has possibly ended at 1.1082 last week and consolidation with upside bias is seen but only break of resistance at 1.1270-79 would confirm recent upmove has resumed and extend gain to 1.1300-10 and possibly 1.1340-50, however, overbought condition would limit upside to 1.1400.

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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 13 14 09:17 GMT

Euro's intra-day fall to 135.55 confirms the a-b-c correction from 135.73 has ended and further weakness towards 135.00-10 would be seen later, however, loss of downward momentum should prevent sharp fall below 134.30-35 (100% projection of 145.69-136.23 measuring from 143.79) but reckon 134.11 support would contain downside, risk from there is seen for a strong rebound later.

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Trade Idea: AUD/USD - Sell at 0.8800 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 13 14 09:08 GMT

As the Australian dollar has rebounded after holding above previous support at 0.8643 (wave iii trough), suggesting consolidation above this level would be seen and recovery to 0.8790-00 cannot be ruled out, however, renewed selling interest should emerge there and bring another decline later, a break of said support at 0.8643 would extend recent decline in wave v for weakness to 0.8600 and possibly 0.8550 but loss of momentum should prevent sharp fall below 0.8500.

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Trade Idea: EUR/GBP - Buy at 0.7805 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 10 14 14:26 GMT

As the single currency has maintained a firm undertone after staging a strong rebound from 0.7766, retaining our view that a temporary low has been formed there and consolidation with upside bias remains for retracement of recent decline, above 0.7915 would provide confirmation, bring retracement of recent decline to 0.7950-55 and later towards 0.8000 later.

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Trade Idea: USD/CAD - Buy at 1.1100 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 10 14 14:23 GMT

Despite yesterday's fall to 1.1082, as the greenback has staged a strong rebound after holding above previous support at 1.1072, suggesting further consolidation would be seen but only break of resistance at 1.1270-79 would confirm recent upmove has resumed and extend gain to 1.1300-10 and possibly 1.1340-50, however, overbought condition would limit upside to 1.1400.

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Trade Idea: EUR/JPY - Hold long entered at 137.15 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 10 14 09:28 GMT

Euro's retreat from 137.94 turned out to be stronger than expected and indicated previous support at 136.56 needs to hold to retain prospect of another rebound, above 137.50 would bring test of said resistance at 137.94, break there would suggest a temporary low is formed, bring retracement of recent decline to 138.30-35 (38.2% Fibonacci retracement of 141.23-136.56), then 138.80-89

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Trade Idea: AUD/USD - Sell at 0.8790 Print E-mail
Elliott Wave Daily | Written by Action Forex | Oct 10 14 09:18 GMT

Despite rising to 0.8899 yesterday, as aussie met renewed selling interest there and has dropped quite sharply, suggesting the wave iv correction from 0.8643 has ended there and consolidation with mild downside bias is seen but break of said support at 0.8643 is needed to confirm recent decline has resumed in wave v for weakness to 0.8600 and possibly 0.8550, however, loss of momentum should prevent sharp fall below 0.8500.

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