CURRENCY MARKET ANALYSIS - February 13, 2024
USD/INR: The USD/INR currency pair closed at 83.04 in the recent trading session, signaling a negative bias. Momentum indicators suggest a downward trajectory, while the daily chart reveals a black candle closing below the previous session, indicating prevailing negative sentiment. The pair encounters intraday resistance at the 83.07 level; sustained trading below this mark may indicate a negative trend today. Immediate intraday support is noted at the 83.00 level.
Intraday Levels: Support: 83.00, 82.95, 82.90 Resistance: 83.07, 83.13, 83.18 (15-Minute Charts)
Positional Trading: Support: 83.00-82.75 Resistance: 83.20-83.40
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.76 with a positive bias. Despite momentum indicators signaling a downward trend, the daily chart presents a small black candle closing just above the previous candle, suggesting consolidation. Intraday support for the pair is observed at the 104.75 level. Sustained trading above this level could foster further uptrend expectations. Immediate intraday resistance is noted at the 104.95 level.
Intraday Levels: Support: 104.75, 104.50, 104.25 Resistance: 104.95, 105.10, 105.30 (15-Minute Charts)
Positional Trading: Support: 104.00-103.00 Resistance: 105.20-106.35
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.52, displaying a negative bias. Momentum indicators signal a downward trend, with the daily chart revealing a small black candle closing below the previous day's close, indicating negative sentiment. Intraday support is observed at 89.55; should the pair remain above this level, a positive trend can be expected today.
Intraday Levels: Support: 89.50, 89.40, 89.26 Resistance: 89.65, 89.80, 89.95 (15-Minute Charts)
Positional Trading: Support: 88.85-88.00 Resistance: 89.75-90.70
JPY/INR: The pair closed at 55.89, higher than the previous day's close, with the daily chart exhibiting a Doji candle pattern, closing above the previous close, indicating positive sentiment. However, momentum indicators signal a negative trajectory. Sustained trading below 56.00 may indicate the recent downtrend continuing in the coming days.
Intraday Levels: Support: 55.83, 55.72, 55.60 Resistance: 55.95, 56.10, 56.20 (15-Minute Charts)
Positional Trading: Support: 55.25-54.50 Resistance: 56.00-56.80