Currency Market Analysis - April 23, 2024
USD/INR: Closing at 83.38 in the recent trading session, the USD/INR pair exhibited a negative bias. Momentum indicators imply a bearish trend, and the daily chart formed a black candle closing below the previous day's close, indicating a negative sentiment. The nearest short-term resistance is positioned at 83.50. A continuation of the downtrend is likely if the pair remains below this level. The nearest intraday support is identified at 83.35.
Intraday Levels: Support: 83.35, 83.30, 83.25 Resistance: 83.42, 83.50, 83.55 (Based on 15-Minute Charts)
Positional Trading: Support: 83.20-82.90 Resistance: 83.50-83.80
GBP/INR: Closing at 102.80 in the last trading session, the GBP/INR pair ended lower than the previous day's close. Momentum indicators suggest a bearish sentiment, and the daily chart displays a black candle closing below the support level of 103.00, indicating a negative outlook. Persisting below this level could lead to a further downtrend.
Intraday Levels: Support: 102.75, 102.50, 102.25 Resistance: 103.00, 103.25, 103.50 (Based on 15-Minute Charts)
Positional Trading: Support: 102.00-101.00 Resistance: 103.00-104.00
EUR/INR: Concluding the prior trading session at 88.75, the EUR/INR pair shows a negative bias. Momentum indicators signal a negative trend, and the daily chart formed a black candle, remaining below the resistance level of 89, indicating negative sentiment. Further downtrend is probable if the pair moves below the 88.70 level.
Intraday Levels: Support: 88.70, 88.55, 88.40 Resistance: 88.90, 89.10, 89.30 (Based on 15-Minute Charts)
Positional Trading: Support: 88.00-87.00 Resistance: 89.00-90.00
JPY/INR: In the last trading session, the JPY/INR pair closed at 53.89, lower than the previous day's close, indicating a bearish sentiment. The daily chart displays a black candle pattern, closing below the previous close, suggesting a negative trend. Momentum indicators also support negative sentiment. A further downtrend is possible if the pair moves below the 83.85 level.
Intraday Levels: Support: 53.85, 53.75, 53.60 Resistance: 54.00, 54.13, 54.25 (Based on 15-Minute Charts)
Positional Trading: Support: 53.25-52.40 Resistance: 54.20-55.00