Technical Overview For $ Dollar For-June-2014(6-6-2014)

$ Dollar Still In Bearish Trend

Range For the month of May-2014 was :-60.27—58.25

SUPPORT :-59.10 / 58.55 / 58.25 / 58 / 57.39 / 56.30 / 55.71

RESISTANCE:-59.45 / 59.57 / 60.11/ 60.27 / 61 / 61.38 / 61.55 / 61.81/ 62.14

                             /62.44 / 62.55 / 63.08 / 63.32

(Figure indicated in bold are important)

The dollar moved in 2.02 point range in the month of May-2014 and closed the month in the middle of the range. Technically it is still weak, so be alert in long trade, if it starts trading below 59.10 because after that key support for it for June-2014 would be at 58 and break below this level can slide it to 57.39 / 56.30 / 55.71.To gain up side momentum it has to stay above 60.30 for some time otherwise no significant up move is expected and to gain good strength it has to cross 61.81 and to stay above this for reasonable period of  time ,chance of which are looking very remote. However in between there may be short up rallies can happen but the steady trend is down. Please use the support and resistance level as entry, exit and as trailing stop loss point in your trades.The range for the month could be 58--60.15.

REMARKS:- Long term trend is down, therefore ,I suggest to avoid long trades because personally I don’t go against the trend ,however traders can take  both long and short calls at appropriate price with adequate stop loss. DO NOT TRADE WITHOUT STOP LOSS IN ANY CASE

 Kindly note that make your cost your stop loss in favorable trade and then trail it as the price of the stock moves up/down to gain maximum profit.

 Contact me for strategic guidance to enter and exit the trade