CURRENCY MARKET ANALYSIS - February 22, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 82.97, indicating a bearish sentiment. Momentum indicators suggest a downward trajectory, with the daily chart displaying a white candle closing below the previous session, signaling negative sentiment. The nearest short-term support rests at the 82.90 level; a close below this level could extend the downtrend in the coming days. 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 104.66 with a positive bias. Momentum indicators signal a downward trend, while the daily chart presents a small black candle closing above the previous close, indicating positive sentiment. On the higher side, the pair has intraday resistance at 104.80. Immediate intraday support is noted at the 104.60 level. A move above 104.80 may lead to a further uptrend today.
Intraday Levels: Support: 104.60, 104.45, 104.30 Resistance: 104.80, 105, 105.15 (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 89.64, exhibiting a positive bias. Despite momentum indicators signaling a downward trend, the daily chart reveals a black candle closing above the previous day's close, indicating positive sentiment. Should the pair remain above the 89.60 level, the positive trend can be expected to continue.
Intraday Levels: Support: 89.60, 89.50, 89.40 Resistance: 89.70, 89.80, 89.90 (15-Minute Charts)
Positional Trading: Support: 89.30-88.50 Resistance: 90.00-91.00
JPY/INR: The JPY/INR pair closed at 55.37, 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 possibility of consolidation. Despite this, momentum indicators signal a negative trajectory. The nearest intraday support is at 55.33, while the resistance is at 55.40. A further uptrend can be expected if the pair moves above 55.40.
Intraday Levels: Support: 55.33, 55.27, 55.22 Resistance: 55.40, 55.45, 55.52 (15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.30