Currency Market Analysis - April 18, 2024
USD/INR: Closing at 83.62 in the recent trading session, the USD/INR pair exhibited a bullish bias. Momentum indicators support a bullish trend, with the daily chart showing a white candle closing above the key resistance level of 83.50, signaling a robust bullish momentum. As long as the pair remains above 83.50, the bullish trend is likely to persist in the coming days. The next immediate short-term resistance is anticipated at 83.80 levels.
Intraday Levels: Support: 83.57, 83.50, 83.42 Resistance: 83.65, 83.72, 83.80 (Based on 15-Minute Charts)
Positional Trading: Support: 83.50-83.20 Resistance: 83.80-84.10
GBP/INR: Concluding the preceding trading session at 104.13, the GBP/INR pair demonstrated a bearish bias. Momentum indicators suggest a bearish sentiment, and the daily chart displays a Doji candle closing below the previous day's close, indicating negative sentiment. Short-term support is identified at 104.00 levels; a breach below this level may extend the bearish trend, otherwise, a rebound is plausible from this support area.
Intraday Levels: Support: 104.00, 103.80, 103.60 Resistance: 104.20, 104.40, 104.60 (Based on 15-Minute Charts)
Positional Trading: Support: 104.00-103.00 Resistance: 105.00-106.30
EUR/INR: Concluding the prior trading session at 88.98, the EUR/INR pair depicted a downward trajectory. Momentum indicators signal a negative trend, with the daily chart presenting a white candle closing below the previous support level of 89, indicating a bearish sentiment. Further downtrend is probable if the pair remains below the 89.00 level. The next immediate short-term support is located at 88.00.
Intraday Levels: Support: 88.80, 88.60, 88.40 Resistance: 89.00, 89.20, 89.40 (Based on 15-Minute Charts)
Positional Trading: Support: 88.00-87.00 Resistance: 89.00-90.00
JPY/INR: Closing at 54.12, lower than the previous day's close, the JPY/INR pair indicates bearish sentiment. The daily chart displays a black candle pattern, closing below the previous support level of 54.20, suggesting a negative bias. Momentum indicators also support negative sentiment. Further downtrend is possible if the pair remains below the 54.20 level.
Intraday Levels: Support: 54.00, 53.80, 53.60 Resistance: 54.20, 54.40, 54.60 (Based on 15-Minute Charts)
Positional Trading: Support: 53.25-52.40 Resistance: 54.20-55.00