CURRENCY MARKET ANALYSIS - March 12, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.82, signaling an uptrend. Momentum indicators suggest a negative bias, while the daily chart displays a white candle closing inside the previous candle, indicating a potential consolidation. The pair faces intraday resistance at 82.85, and a sustained move above this level could lead to a further uptrend; otherwise, consolidation may occur below this mark.
Intraday Levels: Support - 82.77, 82.70, 82.63 Resistance - 82.85, 82.92, 82.98 (15-Minute Charts)
Positional Trading: Support - 82.70-82.50 Resistance - 82.90-83.10
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 106.24 with a positive bias. Momentum indicators signal a positive trend, and the daily chart presents a white candle closing above the previous day's close, indicating a favorable outlook. On the lower side, the pair finds intraday support at 106.00, and if it holds above this level, the positive trend may continue in the coming days. The nearest intraday resistance is at 106.35.
Intraday Levels: Support - 106.16, 106.00, 105.80 Resistance - 106.35, 106.53, 106.70 (15-Minute Charts)
Positional Trading: Support - 106.00-105.00 Resistance - 107-108
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.57, displaying a positive bias. Momentum indicators signal a positive trend, and the daily chart reveals a white candle closing above the previous day's close, indicating positive sentiment. A continued uptrend can be expected if the pair remains above the 90.52 level.
Intraday Levels: Support - 90.52, 90.43, 90.34 Resistance - 90.64, 90.70, 90.80 (15-Minute Charts)
Positional Trading: Support - 90.10-89.30 Resistance - 91.00-92.00
JPY/INR: The JPY/INR pair closed at 56.69, higher than the previous day's close, with the daily chart exhibiting a white candle pattern, closing above the previous day's candle and indicating a positive bias. Momentum indicators support this positive sentiment, with intraday resistance noted at 56.80. A move above this level could sustain the positive trend.
Intraday Levels: Support - 56.60, 56.40, 56.20 Resistance - 56.80, 57.00, 57.20 (15-Minute Charts)
Positional Trading: Support - 56.30-55.75 Resistance - 57.00-57.70