CURRENCY MARKET ANALYSIS - January 18, 2024
This report presents a thorough analysis of the currency market as of January 18, 2024, focusing on major currency pairs and utilizing closing data from January 17, 2024.
USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.17, indicating a positive bias. While momentum indicators suggest a downward trend, the daily chart shows a white candle closing above the previous high, reflecting positive sentiment. Further upward movement can be anticipated in the coming days if the pair surpasses the intraday resistance at 83.20. Otherwise, a slight negative trend may be expected.
Intraday Levels: Support: 83.13, 83.05, 82.96 Resistance: 83.20, 83.27, 83.35 (15-Minute Charts)
Positional Trading: Support: 83.00-82.75 Resistance: 83.25-83.45
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.48 with a positive bias. Although momentum indicators suggest a downward trend, the daily chart displays a white candle closing near the day's high, indicating a positive bias. On the lower side, the pair has short-term support at 105.20. If the pair remains above this level, it may lead to further uptrend today. The nearest intraday resistance is at 105.56.
Intraday Levels: Support: 105.32, 105.15, 104.95 Resistance: 105.56, 105.75, 105.90 (15-Minute Charts)
Positional Trading: Support: 105.20-104.00 Resistance: 106.35-107.50
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.51, reflecting a negative bias. Momentum indicators suggest a downward trend, and the daily chart displays a small white candle closing below the previous day's close, indicating a negative bias. The pair has short-term resistance at the 90.70 level, and if it remains below this level, further downside moves can be expected in the coming days. The nearest intraday support is at 90.40.
Intraday Levels: Support: 90.40, 90.30, 90.20 Resistance: 90.55, 90.70, 90.80 (15-Minute Charts)
Positional Trading: Support: 89.75-88.85 Resistance: 90.70-91.60
JPY/INR: JPY/INR closed at 56.44, lower than the previous day's close. The daily chart exhibited a black candle pattern and closed below the previous close, indicating a negative trend. Momentum indicators signal a negative trend. If the pair trades and sustains below 56.80, the downtrend can continue in the coming days. The next short-term support is at 56.00 levels.
Intraday Levels: Support: 56.35, 56.20, 56.05 Resistance: 56.50, 56.65, 56.80 (15-Minute Charts)
Positional Trading: Support: 56.00-55.15 Resistance: 56.80-57.65