CURRENCY MARKET ANALYSIS - March 13, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.90, signaling a positive trend. While momentum indicators suggest a negative bias, the daily chart displays a white candle closing above the previous day's close, indicating a positive sentiment. Resistance is observed at 82.90, and a sustained move above this level could trigger a further uptrend; otherwise, consolidation may persist below this mark.
Intraday Levels: Support - 82.88, 82.83, 82.77 Resistance - 82.95, 83.02, 83.10 (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 106.00 with a positive bias. Momentum indicators signal a positive trend, and the daily chart presents a Doji candle closing inside the previous day's candle, indicating a sideways trend. Intraday support is found at 105.90, and if the pair remains above this level, the positive trend may be sustained. The nearest intraday resistance is at 106.06.
Intraday Levels: Support - 105.90, 105.75, 105.60 Resistance - 106.06, 106.25, 106.40 (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 90.65, displaying a positive bias. Momentum indicators signal a positive trend, and the daily chart reveals a small white candle closing above the previous day's close, indicating positive sentiment. A continued uptrend can be expected if the pair surpasses the intraday resistance at 90.65; otherwise, consolidation below this level may occur.
Intraday Levels: Support - 90.54, 90.43, 90.34 Resistance - 90.66, 90.80, 90.90 (15-Minute Charts)
Positional Trading: Support - 90.10-89.30 Resistance - 91.00-92.00
JPY/INR: The JPY/INR pair closed at 56.27, lower than the previous day's close, with the daily chart exhibiting a black candle pattern, closing below the previous day's candle and indicating a negative bias. While momentum indicators signal positive sentiment, the pair has intraday support noted at 56.22. A sustained move below this level could prolong the negative trend.
Intraday Levels: Support - 56.22, 56.10, 56.00 Resistance - 56.33, 56.45, 56.57 (15-Minute Charts)
Positional Trading: Support - 55.75-55.00 Resistance - 56.30-57.00