CURRENCY MARKET ANALYSIS - March 05, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.99, reflecting a bearish sentiment. Momentum indicators suggest a positive bias. However, the daily chart displaying a white candle closing below the previous session indicates negative sentiment. The nearest intraday support rests at the 82.95 level; sustained trading below this mark may reinforce a negative trend today. Immediate intraday resistance is noted at the 83.00 level.
Intraday Levels: Support: 82.95, 82.90, 82.85 Resistance: 83.00, 83.04, 83.07 (15-Minute Charts)
Positional Trading: Support: 82.90-82.70 Resistance: 83.10-83.35
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.89 with a negative bias. Momentum indicators signal a neutral trend, while the daily chart presents a small black candle closing below the previous candle, indicating a negative bias. On the higher side, the pair has short-term resistance at 105.00. If the pair remains below this level, the downtrend can continue in the coming days as well.
Intraday Levels: Support: 104.80, 104.60, 104.40 Resistance: 105.00, 105.20, 105.40 (15-Minute Charts)
Positional Trading: Support: 104.00-103.00 Resistance: 105-106
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.86, exhibiting a negative bias. Momentum indicators signal a positive trend, while the daily chart reveals a Doji candle closing below the previous day's close, indicating negative sentiment. Should the pair remain below the 90.00 level, the negative trend can be expected to continue.
Intraday Levels: Support: 89.80, 89.60, 89.40 Resistance: 89.90, 90.00, 90.15 (15-Minute Charts)
Positional Trading: Support: 89.30-88.50 Resistance: 90.00-91.00
JPY/INR: The JPY/INR pair closed at 55.60, 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 downtrend. Momentum indicators signal a positive bias. The nearest short-term resistance is at 55.75. A further downtrend can be expected if the pair remains below this level.
Intraday Levels: Support: 55.50, 55.40, 55.30 Resistance: 55.60, 55.70, 55.80 (15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.30