Dollar – Vs –Rupee (A TECHNICAL VIEW)—24-9-2021

 

Dollar – Vs –Rupee 

Dollar   closed at Rs. 73.84 on 23-9-2021. 

SUPPORT: -73.54/73.48/73.42/73.32/72.90/72.80/72.71/72.33/72.27/72.25. 

RESISTANCE:74/74.17/74.49/74.60/74.80/74.90/75.03/75.29/75.50/75.95/76.22/76.48/77.42/77.45. 

TECHNICAL   OBSERVATION :-

The technical setup is weak now and it will take time to improve. At present it is moving in a range of 72.25---73.40---73.48---74.50 and breakout from the either side will decide further price action. Please note that break below 73.40 will put the long term uptrend in potential danger and break below 72.25 may accelerate the fall similarly sustained breakout above 74.50 will strengthen it for the up move. Moving up its critical resistance point would be at 75.10---75.65---76.21---76.41 and sustained break above 76.41 on the closing basis could take it near its all-time high of 77.45 or may go beyond also. 

 REMARKS: - In view of the above, it is likely to move sideways as of now; therefore it is suggested to avoid trade till breakout happens or one may trade the range now. 

IMPORTANT:-Please note that technical observation is a regular process and interpretation changes with time and price movement, so one has to review it at regular interval.

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 are of spot market. 

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.