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Elliott Wave Daily Trade Ideas
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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
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 28 09 05:04 GMT
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The Australian dollar did falter below indicated resistance a 0.9219 and fell again in line with our expectation, our downside target at 0.9050 has just been met, adding credence to our bearish count that the wave v has ended at 0.9330 and further decline to 0.9000 is seen but reckon 0.8950 (50% Fibonacci retracement of 0.8569 to 0.9330) would hold on first testing. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 27 09 04:38 GMT
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Despite yesterday's marginal rise to 138.49, the sharp retreat from there on risk aversion signals a temporary top has possibly been formed there and few days of consolidation would take place with downside bias for correction to 136.00/07 (previous resistance turned support), break there would add credence to this view and extend weakness towards 135.37 (50% Fibonacci retracement of 132.25 to 138.49), however, reckon support at 134.76 (wave iv trough) would hold from here. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 27 09 04:37 GMT
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Although the Australian dollar has recovered after yesterday's fall to 0.9125, as long as intra-day resistance at 0.9219 holds, further consolidation below recent high at 0.9330 formed last week would take place with downside bias for correction of recent upmove. Break of said support would extend weakness to 0.9050 later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 26 09 05:05 GMT
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As euro has eased after faltering below resistance at 138.36 (last Friday's high), suggesting further consolidation would be seen and pullback to 137.00 cannot be ruled out, however, as long as support at 136.43 minor support holds, one more rise towards chart resistance at 138.72 is still possible but upside should be limited to 139.12 (61.8% projection of wave i-iii measuring from iv at 134.76) and recent high at 139.26 should hold from here, bring a strong pullback later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 26 09 05:04 GMT
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The Australian dollar has continued to trade in narrow range and as long as minor support at 0.9181/85 holds, recent upmove should resume for retest of last week |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 23 09 04:10 GMT
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Although the single currency has maintained a firm undertone and gain to 138.29 (50% projection of wave i-iii measuring from iv at 134.76), reckon upside would be limited to 138.72 resistance and recent high at 139.26 should hold from here, overbought condition is likely to bring a strong pullback later today or early next week. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 23 09 04:09 GMT
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Although the Australian dollar rebounded to 0.9297 this morning, as long as resistance at 0.9330 holds, further consolidation would take place and another corrective fall to 0.9050 is likely, however, downside should be limited to 0.9039 (38.2% Fibonacci retracement of 0.8569 to 0.9330) and reckon 0.9000 would hold, bring another rise later. Above said resistance would extend upmove towards 0.9390/00 which is likely to hold and bring strong pullback later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 22 09 04:05 GMT
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Although the single currency resumed recent upmove yesterday by breaking indicated resistance at 136.07 (we entered long on such a break) and rose to 137.10 today, weakening of upward momentum suggests upside would be limited to 137.50 and reckon 138.29 (50% projection of wave i-iii measuring from end of wave iv at 134.76) would limit upside and price should falter below resistance at 138.72. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 22 09 04:04 GMT
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Despite rising marginally to 0.9330, as aussie has retreated from there, suggesting a minor top is in place and correction of recent upmove to 0.9050 is likely, however, downside should be limited to 0.9039 (38.2% Fibonacci retracement of 0.8569 to 0.9330) and reckon 0.9000 would limit downside, bring rebound later. Above said resistance would extend upmove towards 0.9390/00 which is likely to hold and bring correction later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 21 09 05:17 GMT
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Although euro has rebounded again after finding renewed buying interest above previous support at 134.76, break of resistance at 136.07 is needed to confirm upmove has resumed for headway to 137.50 and then 138.00. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 21 09 05:16 GMT
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As aussie has retreated after intra-day rebound to 0.9287, suggesting further consolidation below yesterday's fresh 2009 high of 0.9310 would take place and another corrective fall towards 0.9113 cannot be ruled out before prospect of another rally. Above said resistance would extend gain to 0.9350 and possibly towards 0.9390/00 which is likely to hold and bring correction later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 20 09 03:14 GMT
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Euro's retreat after meeting renewed selling below 135.91 suggests temporary top has been formed at 136.07 last Friday, probably a wave iii top, however, break of 134.76 is needed to confirm and bring wave iv correction to 133.59 (38.2% Fibonacci retracement of wave iii, from 129.58 to 136.07), however, reckon 133.00 would hold and bring another upmove later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 20 09 03:13 GMT
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The Australian dollar did resume recent upmove as suggested yesterday on broad-based weakness in the greenback, however, as aussie has eased from 0.9310, suggesting minor consolidation would take place and pullback to 0.9150 cannot be ruled out, however, reckon support at 0.9113 (yesterday |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 19 09 04:36 GMT
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Despite intra-day rebound to 135.91, as the single currency has retreated after faltering below resistance at 136.07, suggesting upmove is not ready to resume and further consolidation would take place and break of minor support at 134.76 would bring correction to 134.00 would follow but reckon 133.70/75 (previous resistance turned support) should hold, bring another rally later. Above said resistance would extend the wave iii to 136.71 (100% projection of 129.58 to 133.52 measuring from 132.77). |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 19 09 04:35 GMT
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Although aussie retreated to 0.9113 this morning, the strong rebound from there on broad-based weakness in the greenback suggests pullback from 0.9271 has ended there and upmove would resume for gain to 0.9300, however, upside should be limited to 0.9390/00 and bring correction later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 16 09 04:16 GMT
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The single currency finally penetrated indicated key resistance at 135.49 on risk appetite and this confirms our bullish count that the (C) leg as well as wave (2) has ended at 129.02 and bullishness remains for further gain to 136.09 resistance, break there would encourage for headway towards 136.71 (100% projection of 129.58 to 133.52 measuring from 132.77). |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 16 09 04:15 GMT
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Despite rising to 0.9271 this morning, as aussie has retreated from there on weekend profit-taking, suggesting minor correction to 0.9150 cannot be ruled out, however, downside should be limited to 0.9100 and the Australian dollar shall find renewed buying interest above 0.9000, bring another rally probably next week. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 15 09 02:10 GMT
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Although the single currency has maintained a firm undertone, weakening of near term upward momentum suggests upside should be limited to 134.10 (previous resistance) and 134.68 (61.8% projection of 129.58 to 133.52 measuring from 132.25) should hold on frist testing and bring minor correction later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 15 09 02:09 GMT
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Aussie's rally on broad-based selloff in the greenback suggests medium term upmove remains in progress and further gain to 0.9249 (100% projection of 0.8568-0.8951 measuring from 0.8866) and possibly 0.9300 is underway, however, overbought condition should limit upside to 0.9350/60 and bring retreat later. |
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Elliott Wave Daily |
Written by ActionForex.com |
Oct 14 09 03:57 GMT
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Despite rising to 133.52 yesterday, lack of follow through buying and the subsequent retreat from there suggests further consolidation would take place and minor correction towards 132.00 cannot be ruled out before upmove resumes later to 134.05/10. |
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