CURRENCY MARKET ANALYSIS - February 14, 2024
USD/INR: The USD/INR currency pair closed at 83.04 in the recent trading session, reflecting a negative bias. Momentum indicators indicate a downward trajectory, with the daily chart showing a Doji candle closing below the previous session, suggesting prevailing negative sentiment. Intraday resistance is encountered at the 83.07 level; sustained trading below this mark may signify a negative trend today. Immediate intraday support is noted at the 83.02 level.
Intraday Levels: Support: 83.02, 82.98, 82.95 Resistance: 83.07, 83.10, 83.14 (15-Minute Charts)
Positional Trading: Support: 82.90-82.70 Resistance: 83.10-83.35
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.22 with a positive bias. Momentum indicators signal a downward trend, while the daily chart presents a long white candle closing above the resistance at 105, suggesting a positive trend. If the pair remains above 105, the positive trend can persist in the coming days as well. Immediate intraday resistance is noted at the 105.25 level.
Intraday Levels: Support: 105.08, 104.95, 104.85 Resistance: 105.25, 105.40, 105.55 (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 89.59, displaying a positive bias. Momentum indicators signal a downward trend, while the daily chart reveals a small white candle closing above the previous day's close, indicating positive sentiment. Intraday support is observed at 89.55; should the pair remain above this level, a positive trend can be expected today.
Intraday Levels: Support: 89.55, 89.45, 89.35 Resistance: 89.65, 89.75, 89.85 (15-Minute Charts)
Positional Trading: Support: 89.30-88.50 Resistance: 90.00-91.00
JPY/INR: The pair closed at 55.73, lower than the previous day's close, with the daily chart exhibiting a Doji candle pattern, closing below the previous close, indicating negative sentiment. Momentum indicators signal a negative trajectory. Sustained trading below 56.00 may indicate the recent downtrend continuing in the coming days.
Intraday Levels: Support: 55.65, 55.55, 55.45 Resistance: 55.75, 55.85, 55.95 (15-Minute Charts)
Positional Trading: Support: 55.35-54.75 Resistance: 56.00-56.55