CURRENCY MARKET ANALYSIS - February 06, 2024
USD/INR: The USD/INR currency pair closed at 83.10 in the recent trading session, signaling a positive trend. Despite momentum indicators suggesting a negative trend, the daily chart reveals a black candle closing above the previous close, reflecting positive sentiment. The pair encounters intraday resistance at the 83.13 level, with a potential continuation of the positive trend if this level is breached. Immediate intraday support is observed at 83.07 levels.
Intraday Levels: Support: 83.07, 83.02, 82.95 Resistance: 83.13, 83.17, 83.22 (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 104.67 with a negative bias. Momentum indicators signal a downward trend, with the daily chart displaying a black candle closing well below the previous close, indicating negative sentiment. Intraday resistance for the pair lies at the 104.75 level. Should the pair remain below this level, the downtrend may persist. Immediate intraday support is noted at the 104.55 level.
Intraday Levels: Support: 104.55, 104.35, 104.15 Resistance: 104.75, 104.95, 105.15 (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 89.51, reflecting a negative bias. Momentum indicators signal a downward trend, with the daily chart displaying a black candle closing below the previous day's candle, indicating negative sentiment. Short-term resistance is observed at 89.75; if the pair remains below this level, the downtrend may persist in the coming days.
Intraday Levels: Support: 89.45, 89.30, 89.15 Resistance: 89.60, 89.75, 89.90 (15-Minute Charts)
Positional Trading: Support: 88.85-88.00 Resistance: 89.75-90.70
JPY/INR: The pair closed at 56.25, lower than the previous day's close, with the daily chart exhibiting a black candle pattern, closing well below the previous day's close, indicating negative sentiment. Momentum indicators signal a neutral trend. Short-term support for the pair is at the 56.00 level. Should the pair move below this level, the downtrend may persist; otherwise, a pullback rally can be expected from the support area.
Intraday Levels: Support: 56.15, 56.00, 55.85 Resistance: 56.30, 56.45, 56.60 (15-Minute Charts)
Positional Trading: Support: 56.00-55.25 Resistance: 56.80-57.65