Dollar-Technical View(23-6-14)

                                                                  Dollar – Vs –Rupee

Dollar   closed at Rs. 60.16 on 20-6-14

Range for the week ended on 20-6-14 was:-Rs.60.16---59.70

SUPPORT :- 59.85 / 59.70 / 59.08 / 58.97 / 58.25

RESISTANCE:- 60.27 / 60.53 / 60.83 / 61.19 / 61.55 / 61.81 / 62.44.

TECHNICAL   OBSERVATION :-

The dollar is  still  below  its  major moving averages which are in the range of 60.20—61.49 but some advance parameters suggest that until and unless dollar breaks 59.53 on the down side  it will strengthen ,furthermore it is showing positive divergence on the chart after a long time and if this comes into play then it can take it to  61.19 level. Since it is below its major moving averages  therefore  it may consolidate here and then make an effort to cross the averages and once it crosses few averages then divergence may come into play, the chart pattern suggest that it can but may take some time. The strong   support level for it is at 59.85 (recent bottom) and then 59.53.Avoid long call below 59.53.

MY VIEW:-

I expect the dollar to hold the level of 59.85 & 59.53on the closing  basis ,I feel that dollar will have a steady price movement with an upward bias in time to come.

REMARKS:-Certain technical parameters suggest that a good up move could be there ,so buy on dip strategy is advised for now at appropriate level with an adequate stop loss. DO NOT TRADE WITHOUT STOP LOSS. Kindly note that make your cost your stop loss in favorable trade and then trail it as the price moves up/down to gain maximum profit and avoid losses.

 Contact me for strategic guidance to enter and exit the trade