CURRENCY MARKET ANALYSIS - March 15, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.90, indicating a positive trend. Momentum indicators suggest a bullish bias, with the daily chart displaying a black candle closing above the previous day's close, signaling positive sentiment. Short-term support is observed at 82.90; remaining above this level could lead to a further uptrend, while a breach may result in a slightly negative trend.
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 105.70 with a bearish bias. Momentum indicators signal a bullish trend, but the daily chart presents a Doji candle closing below the previous day's candle, indicating a potential negative trend. Short-term resistance is found at 106.00; remaining below this level may sustain the negative trend. The nearest intraday support is at 106.15.
Intraday Levels: Support: 105.65, 105.55, 105.45 Resistance: 105.75, 105.85, 106.00 (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 90.29, displaying a bearish bias. Momentum indicators signal a bullish trend, while the daily chart reveals a Doji candle closing below the previous day's close, indicating negative sentiment. It has short-term support at 90.10; a close below this level may sustain the downtrend, otherwise, a pullback rally can be expected from the support level.
Intraday Levels: Support: 90.27, 90.18, 90.10 Resistance: 90.40, 90.50, 90.60 (15-Minute Charts)
Positional Trading: Support: 90.10-89.30 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 56.92, lower than the previous day's close, with the daily chart exhibiting a black candle pattern closing below the previous day's candle, indicating a bearish bias. Momentum indicators signal positive sentiment, with intraday resistance noted at 56.00; sustaining below this level could prolong the negative trend.
Intraday Levels: Support: 55.90, 55.80, 55.70 Resistance: 56.00, 56.10, 56.20 (15-Minute Charts)
Positional Trading: Support: 55.75-55.10 Resistance: 56.30-57.00