Danske Bank Technical Update July 23rd USD/CAD

FX:EURUSD   Euro Fx/U.S. Dollar
215 0 3
Note-This is indicating my short on the USD/CAD             not the EUR/USD            

See also Commitment of traders report, in prior blog.

As Danske Bank USD/CAD             stands:

Danske Bank Technical Update
Thursday 23 July - 07.00 CET

USD /CAD - Buy at 1.2991 for 1.316 STOP AT 1.2905
Minor Upwards trend

Moving Averages
200 Day - 1.2700
500 Day 1.2469
2000 Day 1. 2121            

RSI Strength

SPOT 1.3037

Line 4 1.2718
Line 3 1.2779
Line 2 1.2835
Line 1 1.1.2905

Line 4 1.3065
Line 3 1.3088
Line 2 1.3012
Line 1 1.3166
DAX             Futures - Look to buy lower

End of Report
For contrarian traders, this presents an opportunity when take profits are triggered. Refer to also, commitment of traders reports, you will notice that Dealer Intermediaries are 63000 Contratcs Short on the Canadian Dollar             and 1300 Long on the Canadian Dollar             . Assest Managers and institutional traders are Double Long over Shorts. Leveraged fun managers are almost even with longs slightly up as of July 23rd Thursday.

Also refer to Street FX Positioning reports.

Please see link. For all beginner and amateur trades, this is a very useful tool for following the major players, being institutional traders, who move markets before us retail traders. Also look for what is known as the Flip, this is where Institutional traders will start taking profits from previously entered positions. This will be the beginning sign a correction from a recent trend.

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