DOLLAR $ UP-MOVE MAY CONTINUE---A TECHNICAL VIEW----11-5-2015

Dollar – Vs –Rupee

Dollar Closed at Rs.63.70 on 8-5-2015.

SUPPORT:-63.30 / 63.17 / 63 / 62.49 / 62.12 / 61.92 / 61.70 / 61.64 / 61.25 / 60.89 / 60.64.

RESISTANCE:-63.90 /64.28 / 65.50 / 68.60 / 68.80.

TECHNICAL   OBSERVATION :-

It is looking good on the technical chart. It  gave an up-side breakout from the top of 63.90 on 7-5-15 and now consolidating .so if it crosses this mark again and sustain then it is expected to reach 65.50 level but journey up to this level would be very tough as it is having series of resistance in the range of 64.30—65.50, but once it crosses this range and sustain then it may surely make a fast attempt to test its all time high of 68.80, chances of which are looking pretty bright as of now. Please note that it has a very strong support at 63.30 / 63 therefore  get alerted if it break these level because then correction may set in which can drag it down to 62.50 .I would like to mention here that its most critical support range is between 62.46—61.79(it changes every day) and break below this range will put its uptrend in real danger, chances of happening this looks remote at this point of time. I would therefore suggest to try long call on dip but above 63 or above 63.90 with a stop loss of below 62.46 & 63.50. The bias is clearly on the upside now.

Kindly 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.

 REMARKS:-The  trend is up, therefore  long call can be tried as suggested above.

Kindly 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.