Dollar – Vs –Rupee (A TECHNICAL VIEW)—7-10-2018

Dollar – Vs –Rupee

Dollar   closed at Rs.73.76 on 5-10-2018

SUPPORT: -73.74/72.98/72.39/71.75/71.52.

RESISTANCE: - 74.24/74.97/75.50/76.97/77.84.

TECHNICAL   OBSERVATION :-

It is highly bullish on the technical chart and scaling new highs every other day, but it is in overbought territory now and may correct anytime therefore be vigilant in long trade. In correction as long as it holds 72.98 & 72.39 it may not see deep correction, but break below 72.39 may take it down to 71.75 & 71.52 and sustained break below 71.52 may drag it down faster to 68.89—68.80 levels.The trend is clearly up therefore long trade is suggested on every dip but not below 72.39. If it holds 73.74 now it could hit 74.97 & 75.50 on the upside in coming weeks.  

REMARKS:-The long term trend is up; therefore it is suggested to take long call on dip.

Kindly note that make your cost your stop loss in favourable  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