CURRENCY MARKET ANALYSIS - March 07, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.90, indicating a downtrend. Momentum indicators suggest a positive bias. The daily chart displays a black candle, closing near the short-term support at 82.90. A further downtrend can be expected if the pair moves below this level. Immediate intraday resistance is noted at the 82.95 level.
Intraday Levels: Support: 82.90, 82.85, 82.80 Resistance: 82.95, 83.00, 83.05 (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 105.41 with a positive bias. Momentum indicators signal a positive trend, and the daily chart presents a small white candle closing above the previous day's close, indicating a positive bias. On the higher side, the pair has intraday resistance at 105.50. If the pair moves above this level, the positive trend can continue in the coming days as well.
Intraday Levels: Support: 105.35, 105.25, 105.10 Resistance: 105.50, 105.65, 105.80 (15-Minute Charts)
Positional Trading: Support: 105.00-104.00 Resistance: 106-107
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.17, exhibiting a positive bias. Momentum indicators signal a positive trend, and the daily chart reveals a small white candle closing above the previous day's close, indicating positive sentiment. Should the pair remain above the 90.00 level, a positive trend can be expected to continue.
Intraday Levels: Support: 90.15, 90.05, 89.97 Resistance: 90.25, 90.35, 90.45 (15-Minute Charts)
Positional Trading: Support: 90.00-89.30 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 55.75, higher than the previous day's close, with the daily chart exhibiting a small white candle pattern, closing above the previous day's candle, indicating a positive bias. Momentum indicators signal a positive bias. The short-term support is at 55.75. If the pair remains above this level, the positive trend will continue.
Intraday Levels: Support: 55.70, 55.60, 55.50 Resistance: 55.80, 55.90, 56.00 (15-Minute Charts)
Positional Trading: Support: 55.75-55.00 Resistance: 56.30-57.00