CURRENCY MARKET ANALYSIS - March 22, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.14, indicating a downtrend. While momentum indicators suggest a bullish bias, the daily chart displays a Doji candle closing inside the previous day's close, hinting at a potential consolidation. Short-term support is observed at 83.10, with further consolidation likely if the pair remains above this level.
Intraday Levels: Support: 83.08, 83.00, 82.95 Resistance: 83.15, 83.20, 83.25 (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 105.03 with a positive bias. Momentum indicators suggest a bullish trend, with the daily chart depicting a Doji candle closing above the previous resistance at 106. Sustaining above this level could uphold the uptrend. The nearest intraday resistance is positioned at 106.10.
Intraday Levels: Support: 105.90, 105.70, 105.55 Resistance: 106.10, 105.30, 105.50 (Based on 15-Minute Charts)
Positional Trading: Support: 106.00-105.00 Resistance: 107.00-108.00
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.70, displaying a positive bias. Momentum indicators signal a bullish trend, with the daily chart revealing a Doji candle closing above the previous day's close, indicating a positive bias. Intraday support is noted at 90.67, and remaining above this level may continue the positive trend.
Intraday Levels: Support: 90.67, 90.50, 90.35 Resistance: 90.80, 90.90, 90.15 (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 55.19, higher than the previous day's close, with the daily chart exhibiting a black candle pattern, closing above the previous day's candle, indicating a positive sentiment. While momentum indicators signal negative sentiment, short-term support is noted at 55.10, with remaining above this level potentially leading to a pullback rally.
Intraday Levels: Support: 55.07, 54.95, 54.80 Resistance: 55.24, 55.36, 55.55 (Based on 15-Minute Charts)
Positional Trading: Support: 55.10-54.50 Resistance: 55.75-56.50