CURRENCY MARKET ANALYSIS - March 06, 2024

USD/INR: The USD/INR currency pair concluded the recent trading session at 82.97, signaling a sideways sentiment. Momentum indicators suggest a positive bias. The daily chart displays a small black candle, closing just above the previous session, indicating consolidation. The nearest intraday resistance rests at the 83.00 level; if the pair surpasses this level, a slightly positive trend can be expected today. Immediate intraday support is noted at the 82.95 level.

Intraday Levels: Support: 82.95, 82.90, 82.85 Resistance: 83.00, 83.04, 83.07 (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 105.21 with a positive bias. Momentum indicators signal a positive trend, and the daily chart presents a small black candle closing above the previous day's close, indicating a positive bias. On the higher side, the pair has intraday resistance at 105.30. If the pair moves above this level, the positive trend can continue in the coming days as well.

Intraday Levels: Support: 105.10, 105.00, 104.90 Resistance: 105.320, 105.40, 105.50 (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 90.07, exhibiting a negative bias. Momentum indicators signal a positive trend, and the daily chart reveals a Doji candle closing just below the previous day's close, indicating negative sentiment. Should the pair remain above the 90.00 level, consolidation can be expected to continue.

Intraday Levels: Support: 90, 89.90, 89.80 Resistance: 90.15, 90.25, 90.35 (15-Minute Charts)

Positional Trading: Support: 90.00-89.30 Resistance: 91.00-92.00

JPY/INR: The JPY/INR pair closed at 55.57, lower than the previous day's close, with the daily chart exhibiting a Doji candle pattern, closing below the previous day's candle, indicating a downtrend. Momentum indicators signal a positive bias. The short-term resistance is at 55.75. If the pair remains below this level, the downward trend will continue.

Intraday Levels: Support: 55.50, 55.40, 55.30 Resistance: 55.60, 55.70, 55.80 (15-Minute Charts)

Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.30