Dollar – Vs –Rupee A Technical Update-10-4-2016

Dollar – Vs –Rupee

Dollar   closed at Rs.66.54 on 8-4-2016

SUPPORT: -66.24/66.19/66.01/65.93/65.84/65.55/65.31/64.68/64.62.

RESISTANCE: - 66.81/66.94/67.17/67.53/68.35/68.71/68.80/68.89..

TECHNICAL   OBSERVATION :-

It was technically good when I last wrote about it on 18-1-2016 and as expected it moved up and surpassed its all time high of 68.80 and made a new high of 68.89 on 25-2-2016 but failed to hit my perceived high of 71.25. It went into correction after making new high and now it seems that down correction may be over and it may be consolidating here before making its next move but looking at the overall technical setup it is giving mixed indication as of now and it could move either way in coming days. In this regard please note that the broad range for it is now between 67.17—65.84 and its most crucial points for the year 2016 are 66.19 & 67.17. Since it is moving within its range now try buying at the lower end of the range but not below 66.19 and book profit near the upper end of the range 67.17. After the breakout on the either side one can go in for aggressive trade position as the case may be. Please note that long call should not be attempted below 66.19 and all long call should be exited below 65.84. If it moves and sustain below 65.85 short call can also be tried with a stop loss of above 66.25.  

REMARKS:-The long term trend is up; but since it is range bound now one can trade long at the lower end and book profit at the higher end of the range as mentioned above but do not attempt short call as of now. Please avoid long call below 66.19 for sure.

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