Currency Market Analysis - April 24, 2024
USD/INR: Closing at 83.34 in the recent trading session, the USD/INR pair showed a negative bias. Momentum indicators signal a bearish trend, and the daily chart formed a black candle closing below the previous day's close, indicating a negative sentiment. The nearest intraday resistance is positioned at 83.40. A continuation of the downtrend is likely if the pair remains below this level. The nearest intraday support is identified at 83.30.
Intraday Levels: Support: 83.30, 83.25, 83.20 Resistance: 83.40, 83.47, 83.53 (Based on 15-Minute Charts)
Positional Trading: Support: 83.20-82.90 Resistance: 83.50-83.80
GBP/INR: Closing at 103.23 in the last trading session, the GBP/INR pair ended higher than the previous day's close. Momentum indicators suggest a bearish sentiment, while the daily chart displays a white candle closing inside the previous candle, indicating a sideways trend. The nearest intraday support is at 103.00, and remaining above this level could lead to a further uptrend.
Intraday Levels: Support: 103.00, 102.75, 102.50 Resistance: 103.25, 103.50, 103.75 (Based on 15-Minute Charts)
Positional Trading: Support: 103.00-102.00 Resistance: 104.00-105.00
EUR/INR: Concluding the prior trading session at 88.90, the EUR/INR pair shows a positive bias. Momentum indicators signal a negative trend, while the daily chart formed a Doji candle, remaining below the resistance level of 89, indicating negative sentiment. For a positive trend, the pair needs to surpass the resistance at 89.00.
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 53.85, lower than the previous day's close, indicating a bearish sentiment. The daily chart displays a Doji 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 53.85 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