CURRENCY MARKET ANALYSIS - March 26, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.67, indicating a positive trend. Momentum indicators suggest a bullish bias, with the daily chart displaying a long white candle closing well above the previous day's close, signaling a bullish trend. Short-term support is observed at 83.50; maintaining levels above this could lead to a further uptrend.
Intraday Levels: Support: 83.60, 83.40, 82.20 Resistance: 83.75, 83.90, 84.05 (Based on 15-Minute Charts)
Positional Trading: Support: 83.50-83.20 Resistance: 83.80-84.10
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.27 with a negative bias. Momentum indicators suggest a bearish trend, with the daily chart depicting a Doji candle closing near the short-term support at 105. If the pair breaches this level, it could sustain the downtrend; otherwise, a bounce-back can be expected from the support area.
Intraday Levels: Support: 105.20, 104.95, 104.75 Resistance: 104.47, 105.70, 106.00 (Based on 15-Minute Charts)
Positional Trading: Support: 105.00-104.00 Resistance: 106.00-107.00
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.53, displaying a negative bias. Momentum indicators signal a bullish trend, but the daily chart reveals a white candle closing below the previous day's close, indicating a negative bias. Intraday support is noted at 90.50; remaining above this level may lead to a pullback rally, otherwise, the downtrend could continue.
Intraday Levels: Support: 90.50, 90.33, 90.20 Resistance: 90.67, 90.80, 90.90 (Based on 15-Minute Charts)
Positional Trading: Support: 90.10-89.30 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 55.29, higher than the previous day's close, with the daily chart exhibiting a white candle pattern, closing above the previous day's candle, indicating positive sentiment. However, momentum indicators signal negative sentiment. Short-term support is noted at 55.10; maintaining levels above this could lead to a further uptrend.
Intraday Levels: Support: 55.24, 55.07, 54.95 Resistance: 55.36, 55.50, 55.60 (Based on 15-Minute Charts)
Positional Trading: Support: 55.10-54.50 Resistance: 55.75-56.50