CURRENCY MARKET ANALYSIS - March 20, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.06, indicating an upward trend. Momentum indicators are suggestive of a bullish bias, with the daily chart displaying a white candle closing above the previous day's close, reflecting positive sentiment. Short-term resistance is observed at 83.10; a breach above this level could further extend the uptrend.
Intraday Levels: Support: 83.05, 83.00, 82.96 Resistance: 83.10, 83.15, 83.20 (Based on 15-Minute Charts)
Positional Trading: Support: 82.90-82.70 Resistance: 83.10-83.40
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.37 with a bearish inclination. Although momentum indicators suggest a bullish trend, the daily chart depicts a black candle closing below the previous day's candle, hinting at a potential negative trajectory. Intraday support is identified at 105.25; a breach below this level could sustain the downtrend. The nearest intraday resistance is positioned at 105.40.
Intraday Levels: Support: 105.25, 105.10, 104.95 Resistance: 105.40, 105.55, 105.70 (Based on 15-Minute Charts)
Positional Trading: Support: 105.00-104.25 Resistance: 106.00-107.00
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.12, displaying a bearish bias. Momentum indicators signal a bullish trend, yet the daily chart reveals a black candle closing below the previous day's close, indicating negative sentiment. Short-term support is noted at 90.10; a sustained level below this may continue the negative trend, otherwise, a rebound rally could be anticipated from the support level.
Intraday Levels: Support: 90.05, 89.95, 89.85 Resistance: 90.15, 90.25, 90.35 (Based on 15-Minute Charts)
Positional Trading: Support: 90.10-89.30 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 55.39, lower than the previous day's close, with the daily chart exhibiting a black candle pattern, closing below the previous day's candle, indicating a bearish bias. Although momentum indicators signal neutral sentiment, short-term resistance is noted at 55.75; remaining below this level could prolong the negative trend.
Intraday Levels: Support: 55.30, 55.15, 55.00 Resistance: 55.50, 55.65, 55.80 (Based on 15-Minute Charts)
Positional Trading: Support: 55.10-54.50 Resistance: 55.75-56.30