CURRENCY MARKET ANALYSIS - March 19, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.94, signaling a positive trend. Momentum indicators suggest a bullish bias, with the daily chart presenting a white candle closing above the previous day's close, indicating positive sentiment. Short-term support is observed at 82.90; maintaining levels above this could extend the uptrend.
Intraday Levels: Support: 82.90, 82.86, 82.82 Resistance: 82.96, 83.00, 83.05 (15-Minute Charts)
Positional Trading: Support: 82.90-82.70 Resistance: 83.10-83.40
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.63 with a bearish bias. While momentum indicators signal a bullish trend, the daily chart presents a white candle closing below the previous day's candle, indicating a potential negative trend. Intraday resistance is found at 105.66; maintaining levels below this may sustain the negative trend. The nearest intraday support is at 105.55.
Intraday Levels: Support: 105.55, 105.45, 105.35 Resistance: 105.66, 105.75, 105.85 (15-Minute Charts)
Positional Trading: Support: 105.00-104.25 Resistance: 106.00-107.00
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.43, displaying a positive bias. Momentum indicators signal a bullish trend, with the daily chart revealing a white candle closing above the previous day's close, indicating positive sentiment. Intraday support is noted at 90.40; maintaining levels above this may sustain the positive trend, otherwise, a slight negative trend can be expected.
Intraday Levels: Support: 90.40, 90.27, 90.20 Resistance: 90.50, 90.60, 90.70 (15-Minute Charts)
Positional Trading: Support: 90.10-89.30 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 56.83, lower than the previous day's close, with the daily chart exhibiting a small white candle pattern but closing below the previous day's candle, indicating a bearish bias. While momentum indicators signal positive sentiment, short-term support is noted at 55.75; a move below this level could prolong the negative trend.
Intraday Levels: Support: 55.73, 55.63, 55.53 Resistance: 55.85, 55.97, 56.06 (15-Minute Charts)
Positional Trading: Support: 55.75-55.10 Resistance: 56.30-57.00