Currency Market Analysis - April 16, 2024
USD/INR: Closing at 83.46 in the recent trading session, the USD/INR pair showed a negative bias. Momentum indicators favor a bullish trend, while the daily chart presents a small white candle closing inside the previous day's candle, indicating a potential consolidation phase. Short-term resistance is at 83.50; breaching this level may signal a continuation of the bullish trend, otherwise, consolidation below this level is anticipated for a few days.
Intraday Levels: Support: 83.42, 83.35, 83.28 Resistance: 83.50, 83.57, 83.65 (Based on 15-Minute Charts)
Positional Trading: Support: 83.20-82.90 Resistance: 83.50-83.80
GBP/INR: Concluding the preceding trading session at 104.33, the GBP/INR pair displayed a positive bias. Despite momentum indicators suggesting a bearish sentiment, the daily chart presents a small white candle closing near the day's high, indicating positive sentiment. Short-term support is observed at 104.00 levels; remaining above this level may signal a pullback rally.
Intraday Levels: Support: 104.20, 104.00, 103.80 Resistance: 104.40, 104.60, 104.80 (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 89.05, the EUR/INR pair displayed a downward trend. Momentum indicators signal a negative trend, with the daily chart showing a Doji candle closing below the previous day's close, suggesting negative sentiment. A further downtrend is probable if the pair moves below the short-term support level of 89.00. The nearest intraday resistance is at 89.20.
Intraday Levels: Support: 89.00, 88.80, 88.60 Resistance: 89.20, 89.40, 89.60 (Based on 15-Minute Charts)
Positional Trading: Support: 89.00-88.00 Resistance: 90.00-91.00
JPY/INR: Closing at 54.29, lower than the previous day's close, the JPY/INR pair indicates negative sentiment. The daily chart exhibits a black candle pattern, closing below the previous day's close, indicating a negative bias. Momentum indicators also suggest negative sentiment. On the lower side, the pair has short-term support at 54.20. Further downtrend is possible if it moves below this level.
Intraday Levels: Support: 54.20, 54.00, 53.75 Resistance: 54.45, 54.75, 55.00 (Based on 15-Minute Charts)
Positional Trading: Support: 54.20-53.25 Resistance: 55.00-55.75