CURRENCY MARKET ANALYSIS - January 05, 2024
This report provides a comprehensive market analysis for January 05, 2024, focusing on major currency pairs and utilizing closing data from January 04, 2024.
USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.32, reflecting a negative bias. While momentum indicators suggest a positive trend, the daily chart displays a black candle closing below the previous day's close, indicating a bearish sentiment. The pair has short-term support at 83.25, and a close below this level may signal a downward shift in the short-term trend. The nearest intraday resistance is at 83.33 levels.
Intraday Levels: Support - 83.27, 83.20, 83.15; Resistance - 83.33, 83.38, 83.42 (15-Minute Charts) Positional Trading: Support - 83.15-82.70; Resistance - 83.45-83.80
GBP/INR: The GBP/INR currency pair concluded the preceding trading session positively at 105.83. Despite momentum indicators suggesting a negative trend, the daily chart displays a white candle pattern closing above the previous day's close. The nearest intraday support is at 105.73, while resistance is at 106. For a clear direction, the pair needs to break out from either of these levels.
Intraday Levels: Support - 105.73, 105.55, 105.32; Resistance - 106, 106.20, 106.40 (15-Minute Charts) Positional Trading: Support - 105.20-104.00; Resistance - 106.40-107.80
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.33, reflecting a positive bias. Despite momentum indicators suggesting a negative trend, the daily chart displays a small white candle pattern closing inside the previous day's close, indicating a bullish bias. The pair has intraday resistance at the 91.40 level, and if it surpasses this level, further upside moves can be expected in the coming days.
Intraday Levels: Support - 91.20, 91.00, 90.80; Resistance - 91.40, 91.60, 91.80 (15-Minute Charts) Positional Trading: Support - 90.80-89.75; Resistance - 91.60-92.50
JPY/INR: Closing the prior trading session at 58.04, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a long black candle pattern, closing near the day's low, indicating a bearish bias. Momentum indicators signal a negative trend, with intraday support at 58.00 levels; a breach below this level may lead to further downside moves.
Intraday Levels: Support - 58.00, 57.80, 57.60; Resistance - 58.20, 58.40, 58.60 (15-Minute Charts) Positional Trading: Support - 57.65-56.80; Resistance - 58.40-59.25