CURRENCY MARKET ANALYSIS - January 15, 2024
This report provides a comprehensive analysis of the currency market as of January 15, 2024, with a focus on major currency pairs and utilizing closing data from January 10, 2024.
USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.00, indicating a bearish bias. Momentum indicators suggest a downward trend, with the daily chart displaying a black candle that closed below the previous day's close, signaling a bearish sentiment. The pair has short-term support at 83.00, and a drop below this level may result in a further downtrend in the coming days. The nearest intraday resistance is at 83.05 levels.
Intraday Levels: Support: 83.00, 82.95, 82.90 Resistance: 83.05, 83.12, 83.18 (15-Minute Charts) Positional Trading: Support: 83.00-82.50 Resistance: 83.25-83.45
GBP/INR: The GBP/INR currency pair concluded the preceding trading session negatively at 105.75. Momentum indicators suggest a negative trend, and the daily chart displays a black candle that closed below the previous day's close. On the lower side, the pair has intraday support at 105.67. If the pair moves below this level, it may lead to a further downtrend today; for a bounce back, it needs to surpass the resistance at 105.80.
Intraday Levels: Support: 105.67, 105.55, 105.40 Resistance: 108.80, 105.97, 106.10 (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 90.97, reflecting a negative bias. Momentum indicators suggest a negative trend, and the daily chart displays a black candle closing below the previous day's close, indicating a negative bias. The pair has intraday support at the 90.95 level, and if it moves below this level, further downside moves can be expected today. The nearest intraday resistance is at 91.05 levels.
Intraday Levels: Support: 90.95, 90.80, 90.70 Resistance: 91.05, 91.15, 91.25 (15-Minute Charts) Positional Trading: Support: 90.70-89.75 Resistance: 91.60-92.50
JPY/INR: JPY/INR closed at 57.34, lower than the previous day's close. The daily chart exhibited a black candle pattern and closed near the previous day's close, indicating a sideways trend. Momentum indicators signal a negative trend. The nearest intraday resistance is at 57.40 levels; if the pair moves above this level, it may lead to further upside moves. Otherwise, a slightly negative trend can be expected.
Intraday Levels: Support: 57.20, 57.05, 56.90 Resistance: 57.40, 57.55, 57.70 (15-Minute Charts) Positional Trading: Support: 57.60-56.80 Resistance: 58.40-59.25