CURRENCY MARKET ANALYSIS - March 11, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.72, indicating a downtrend. Momentum indicators suggest a negative bias. The daily chart displays a long black candle, closing near the short-term support at 82.70. A further downtrend can be expected if the pair moves below this level. Immediate intraday resistance is noted at the 82.77 level.
Intraday Levels: Support - 82.70, 82.63, 82.55 | Resistance - 82.77, 82.85, 82.92 (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 105.46 with a positive bias. Momentum indicators signal a positive trend, and the daily chart presents a Doji 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 - 105.40, 105.30, 105.20 | Resistance - 105.50, 105.60, 105.70 (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 90.14, exhibiting a negative bias. Momentum indicators signal a positive trend, and the daily chart reveals a black candle closing below the support at 90.15, indicating negative sentiment. Should the pair remain below the 90.15 level, a downtrend can be expected to continue.
Intraday Levels: Support - 90.05, 89.97, 89.90 | Resistance - 90.15, 90.23, 90.32 (15-Minute Charts) Positional Trading: Support - 89.30-88.50 | Resistance - 90.15-91.00
JPY/INR: The JPY/INR pair closed at 56.29, higher than the previous day's close, with the daily chart exhibiting a long white candle pattern, closing above the previous day's candle, indicating a positive bias. Momentum indicators signal a positive bias. The short-term resistance is at 56.30. If the pair moves above this level, the positive trend will continue.
Intraday Levels: Support - 56.20, 56.10, 56.00 | Resistance - 56.35, 56.50, 56.60 (15-Minute Charts) Positional Trading: Support - 55.75-55.00 | Resistance - 56.30-57.00