A TECHNICAL SNAPSHOT OF DOLLAR – Vs - RUPEE(13-4-2015)

 DOLLAR CLOSED AT 62.26 ON 10-4-2015

1. Support:- 62.12 / 61.92 / 61.64 / 61.55 / 61.25.

2. Resistance:- 62.41 / 62.84 / 63.03 / 63.11 / 63.17 / 63.62 / 63.79 / 63.88 / 63.90 / 68.60 / 68.80.

3. All Time High:-68.80 made on 28-8-2013.

4. Trend:-In long term up trend. Short term it was in correction as it was making lower top and bottom but now it looks that correction is over and it may move up again.

5. Valuable Support now exist at:-61.64---61.25.

6. Tough Resistance Range:-63.03---63.90.

7. Critical Points For 2015:- 58.25 / 63.03 / 63.17 / 63.88, it will pick up momentum above 63.17.

8. Short Term Moving Average Range:-62.36---61.90(it changes every day with price movement), exit long trade below 61.90.

9. Medium Term Moving Average Range:-62.49---61.99(it changes every day with price movement) avoid long trade below 61.99.

10. Long Term Moving Average Range:-62.18—61.49(it changes every day with price movement) below 62.18 long term up trend will be threatened and consistently trading below 61.49 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

In view of the above long call can be initiated above 62.18 with a stop loss of below 61.90 but it may have steady up move only if it crosses 62.50 mark. Going up it will have tough resistance in the range of 63.03---63.17.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

Kindly also note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.