CURRENCY MARKET ANALYSIS - February 15, 2024
USD/INR: The USD/INR currency pair closed at 83.07 in the recent trading session, showing a positive bias. Although momentum indicators indicate a downward trajectory, the daily chart presents a black candle but closed above the previous session, suggesting positive sentiment. Short-term resistance is encountered at the 83.10 level; sustained trading below this mark may signify a negative trend today. Immediate intraday support is noted at the 83.02 level.
Intraday Levels: Support: 83.02, 82.98, 82.95 Resistance: 83.07, 83.10, 83.14 (15-Minute Charts)
Positional Trading: Support: 82.90-82.70 Resistance: 83.10-83.35
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.24 with a negative bias. Momentum indicators signal a downward trend, and the daily chart presents a long black candle closing near the day's low, suggesting a negative trend. On the lower side, the pair has short-term support at 104. If the pair moves below this level, the downtrend can persist in the coming days as well. Immediate intraday resistance is noted at the 104.30 level.
Intraday Levels: Support: 104.10, 103.90, 103.70 Resistance: 104.30, 104.50, 104.70 (15-Minute Charts)
Positional Trading: Support: 104.00-103.00 Resistance: 105-106
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.00, displaying a negative bias. Momentum indicators signal a downward trend, and the daily chart reveals a black candle closing near the day's low, indicating negative sentiment. Short-term resistance is observed at 89.30; should the pair remain below this level, a negative trend can be expected today.
Intraday Levels: Support: 88.95, 88.80, 88.65 Resistance: 89.10, 89.20, 89.30 (15-Minute Charts)
Positional Trading: Support: 88.50-87.75 Resistance: 89.30-90.00
JPY/INR: The pair closed at 55.29, lower than the previous day's close, with the daily chart exhibiting a black candle pattern, closing below the previous close, indicating negative sentiment. Momentum indicators signal a negative trajectory. A further downtrend can be expected if the pair moves below the 55.29 level.
Intraday Levels: Support: 55.25, 55.15, 55.05 Resistance: 55.35, 55.45, 55.55 (15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.30