CURRENCY MARKET ANALYSIS - January 03, 2024
This report provides a comprehensive market analysis for January 03, 2024, focusing on major currency pairs and utilizing closing data from January 02, 2024.
USD/INR: In the recent trading session, the USD/INR currency pair closed positively at 83.40. Momentum indicators suggest a positive trend, and the daily chart displays a white candle, closing above the previous day's close, indicating a positive trend. The pair faces short-term resistance at 83.45. A close above 83.45 could lead to a further uptrend; otherwise, the pair may consolidate below this level for a few days.
Intraday Levels: Support: 83.36, 83.31, 83.26 Resistance: 83.42, 83.48, 83.53 (15-Minute Charts) Positional Trading: Support: 83.15-82.70 Resistance: 83.45-83.80
GBP/INR: The GBP/INR currency pair concluded the preceding trading session negatively at 105.71. Momentum indicators suggest a negative trend, with the daily chart displaying a black candle pattern closing below the previous day's candle low. This pattern indicates a negative bias. On the lower side, the pair has intraday support at 105.60. A move below this level could lead to further downside movement today.
Intraday Levels: Support: 105.60, 105.40, 105.20 Resistance: 105.80, 106.10, 106.37 (15-Minute Charts) Positional Trading: Support: 105.20-104.00 Resistance: 106.40-107.80
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.65, reflecting a negative bias. Momentum indicators suggest a positive trend, with the daily chart displaying a black candle pattern closing below the previous day's close, indicating a negative bias. The pair has short-term support at the 91.60 level; if the pair falls below this level, further downside moves can be expected in the coming days.
Intraday Levels: Support: 91.60, 91.40, 91.20 Resistance: 91.80, 92.00, 92.20 (15-Minute Charts) Positional Trading: Support: 91.60-90.80 Resistance: 92.50-93.40
JPY/INR: Closing the prior trading session at 59.07, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a Doji candle pattern, closing above the previous day's close, indicating a positive bias. Momentum indicators signal a positive trend, with short-term resistance at 59.25 levels; if it surpasses this level, further upside moves can be expected. Otherwise, the pair may face profit booking at the resistance level.
Intraday Levels: Support: 59.00, 58.85, 58.70 Resistance: 59.15, 59.27, 59.40 (15-Minute Charts) Positional Trading: Support: 58.40-57.65 Resistance: 59.25-60.00