CURRENCY MARKET ANALYSIS - January 04, 2024
This report presents a comprehensive market analysis for January 04, 2024, focusing on major currency pairs and utilizing closing data from January 03, 2024.
USD/INR: In the recent trading session, the USD/INR currency pair closed negatively at 83.36. Although momentum indicators suggest a positive trend, the daily chart displays a black candle, closing inside the previous day's candle, indicating the potential for consolidation. The pair faces short-term resistance at 83.45. A close above 83.45 could lead to a further uptrend; otherwise, a move below the 83.36 level might result in a slightly negative trend today.
Intraday Levels: Support - 83.36, 83.31, 83.26; Resistance - 83.42, 83.48, 83.53 (15-Minute Charts) Positional Trading: Support - 83.15-82.70; Resistance - 83.45-83.80
GBP/INR: The GBP/INR currency pair concluded the preceding trading session negatively at 105.24. Momentum indicators suggest a negative trend, with the daily chart displaying a black candle pattern closing near the short-term support level of 105.20. A move below this level could lead to further downside movement today, otherwise a pullback rally can be expected from the support level.
Intraday Levels: Support - 105.20, 105.00, 104.80; Resistance - 105.40, 105.60, 105.80 (15-Minute Charts) Positional Trading: Support - 105.20-104.00; Resistance - 106.40-107.80
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.15, reflecting a negative bias. Momentum indicators suggest a negative trend, with the daily chart displaying a black candle pattern closing below the previous day's close, indicating a negative bias. The pair has intraday resistance at the 91.20 level; if the pair remains below this level, further downside moves can be expected in the coming days.
Intraday Levels: Support - 91.00, 90.80, 90.60; Resistance - 91.20, 91.40, 91.60 (15-Minute Charts) Positional Trading: Support - 90.80-89.75; Resistance - 91.60-92.50
JPY/INR: Closing the prior trading session at 58.65, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a long black candle pattern, closing below the previous day's close, indicating a negative bias. Momentum indicators signal a negative trend, with intraday support at 58.60 levels; if it falls below this level, further downside moves can be expected.
Intraday Levels: Support - 58.60, 58.45, 58.30; Resistance - 58.75, 58.90, 59.00 (15-Minute Charts) Positional Trading: Support - 58.40-57.65; Resistance - 59.25-60.00