CURRENCY MARKET ANALYSIS - March 05, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.96, reflecting a bearish sentiment. Momentum indicators suggest a positive bias. Moreover, the daily chart displaying a white candle, but closing below the previous session, indicates negative sentiment. The nearest intraday support rests at 82.95 levels; 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 105.15 with a positive bias. Momentum indicators signal a positive trend, and the daily chart presents a small white candle closing above the short-term resistance at 105, indicating a positive bias. If the pair remains above this level, the positive trend can continue in the coming days as well.
Intraday Levels: Support: 105.00, 104.80, 104.60 Resistance: 105.20, 105.40, 105.60 (15-Minute Charts)
Positional Trading: Support: 105.00-104.00 Resistance: 106-107
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.11, exhibiting a positive bias. Momentum indicators signal a positive trend, and the daily chart reveals a white candle closing above the previous day's close, indicating positive sentiment. Should the pair remain above the 90.00 level, the positive trend can be expected to continue.
Intraday Levels: Support: 90, 89.90, 89.80 Resistance: 90.15, 90.25, 90.35 (15-Minute Charts)
Positional Trading: Support: 90.00-89.30 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 55.58, 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. If the pair remains below this level, the downward trend will continue.
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