Dear Friends
A few days back I had indicated a likely upmove in the Dollar against the rupee. However, the exchange rate remained more or less sideways . It has now started showing the activity which I was expecting then.
Please view the chart attached (updated on Apr 23)
Chart Analysis
After taking support at the crucial 61.80 % retracement , the dollar / rupee has shown signs of revival as it touched a high of 40.07 today (Apr 23) ..
I presume a close above 40.10 should give a further impetus to the dollar and thereafter I would be targeting 40.80 / 41 in the short / medium term . . .
Friends it is time to dig out stocks which should benefit from a depreciation of the rupee ( i.e. a rise in dollar against rupee) . ..
Happy trading !!
CA Rajiv D Khatlawala
A few days back I had indicated a likely upmove in the Dollar against the rupee. However, the exchange rate remained more or less sideways . It has now started showing the activity which I was expecting then.
Please view the chart attached (updated on Apr 23)
Chart Analysis
After taking support at the crucial 61.80 % retracement , the dollar / rupee has shown signs of revival as it touched a high of 40.07 today (Apr 23) ..
I presume a close above 40.10 should give a further impetus to the dollar and thereafter I would be targeting 40.80 / 41 in the short / medium term . . .
Friends it is time to dig out stocks which should benefit from a depreciation of the rupee ( i.e. a rise in dollar against rupee) . ..
Happy trading !!
CA Rajiv D Khatlawala
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