CURRENCY MARKET ANALYSIS - February 05, 2024
USD/INR: The USD/INR currency pair closed at 82.97 in the recent trading session, indicating a bearish trend. Momentum indicators suggest a negative trend, with the daily chart showing a black candle closing below the previous close, reflecting negative sentiment. On the upside, the pair faces short-term resistance at the 83.00 level. Sustaining below this level could extend the downtrend in the coming days.
Intraday Levels: Support: 82.95, 82.90, 82.85 Resistance: 83.02, 83.10, 83.15 (15-Minute Charts)
Positional Trading: Support: 82.75-82.50 Resistance: 83.00-83.20
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.82 with a positive bias. Momentum indicators suggest a downward trend, the daily chart displaying a long white candle closing above the previous close, indicating positive sentiment. On the higher side, the pair has intraday resistance at the 105.90 level. If the pair surpasses this level, the positive momentum will continue. The nearest intraday support is at the 105.70 level.
Intraday Levels: Support: 105.70, 105.50, 105.30 Resistance: 105.90, 106.10, 106.30 (15-Minute Charts)
Positional Trading: Support: 105.00-104.00 Resistance: 106.35-107.50
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.42, reflecting a positive bias. Momentum indicators signal a downward trend, but the daily chart displays a white candle closing above the previous day's candle, indicating positive sentiment. The nearest short-term support is at 90.35, while the resistance is at 90.50. For the continuation of the uptrend, the pair needs to move above 90.50.
Intraday Levels: Support: 90.35, 90.25, 90.12 Resistance: 90.50, 90.60, 90.75 (15-Minute Charts)
Positional Trading: Support: 89.75-88.85 Resistance: 90.70-91.60
JPY/INR: The pair closed at 56.83, lower than the previous day's close, with the daily chart exhibiting a black candle pattern, closing just below the previous day's close, indicating negative sentiment. Momentum indicators signal a positive trend. If the pair remains above the short-term support of 56.80, the positive trend can continue in the coming days.
Intraday Levels: Support: 56.75, 56.62, 56.50 Resistance: 56.90, 57.00, 57.10 (15-Minute Charts)
Positional Trading: Support: 56.80-56.00 Resistance: 57.65-58.50