CURRENCY MARKET ANALYSIS - March 21, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.19, signaling an upward trend. Momentum indicators suggest a bullish bias, with the daily chart displaying a white candle closing above the previous day's close, indicating positive sentiment. Short-term support is observed at 83.10; remaining above this level could further extend the uptrend.
Intraday Levels: Support: 83.15, 83.10, 83.05 Resistance: 83.20, 83.25, 83.30 (Based on 15-Minute Charts)
Positional Trading: Support: 83.10-82.90 Resistance: 83.40-83.60
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.56 with a positive bias. The momentum indicators suggest a bullish trend, the daily chart depicts a white candle closing above the previous day's candle, signaling a positive bias. Intraday support is identified at 105.55; remaining above this level could sustain the uptrend. The nearest intraday resistance is positioned at 105.70.
Intraday Levels: Support: 105.55, 105.45, 105.35 Resistance: 105.70, 105.80, 105.90 (Based on 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 90.22, displaying a positive bias. Momentum indicators signal a bullish trend, the daily chart reveals a black candle closing just above the previous day's close, indicating a sideways trend. Short-term support is noted at 90.10; remaining above this level may continue the positive trend. The recent downtrend will resume if it breaches the support level.
Intraday Levels: Support: 90.15, 90.05, 89.95 Resistance: 90.25, 90.35, 90.45 (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 55.03, 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. Although momentum indicators signal negative sentiment, short-term resistance is noted at 55.10; remaining below this level could prolong the negative trend.
Intraday Levels: Support: 55.00, 54.85, 54.70 Resistance: 55.10, 55.30, 55.55 (Based on 15-Minute Charts)
Positional Trading: Support: 54.50-54.00 Resistance: 55.10-55.75