CURRENCY MARKET ANALYSIS - April 12, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.22, indicating a bearish sentiment. Despite momentum indicators favoring a bullish trend, the daily chart displays a black candle closing below the previous day's close, suggesting a negative bias. Short-term support remains sturdy at 83.20; breaches below this level may extend the downward trend.
Intraday Levels: Support: 83.20, 83.12, 83.05 Resistance: 83.25, 83.32, 83.38 (Based on 15-Minute Charts)
Positional Trading: Support: 83.20-82.90 Resistance: 83.50-83.80
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.65, displaying a bullish bias. Although momentum indicators suggest a bearish trend, the daily chart portrays a white candle closing above the previous day's close, indicating positive sentiment. Intraday resistance is observed at 105.70 levels. A move above this level may sustain the positive trend in the coming days.
Intraday Levels: Support: 105.45, 105.25, 105.05 Resistance: 105.70, 105.90, 106.10 (Based on 15-Minute Charts)
Positional Trading: Support: 105.00-104.00 Resistance: 106.00-107.00
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.27, displaying a downward trend. Momentum indicators signal a negative trend, with the daily chart showing a black candle closing below the previous day's close, suggesting negative sentiment. Further downtrend is probable if the pair remains below the 90.30 level. The nearest intraday support is at 90.15.
Intraday Levels: Support: 90.15, 90.00, 89.80 Resistance: 90.30, 90.50, 90.70 (Based on 15-Minute Charts)
Positional Trading: Support: 90.00-89.00 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 54.97, lower than the previous day's close, indicating a negative sentiment. The daily chart exhibits a Doji candle pattern, closing below the support at 55.00, indicating a negative bias. Momentum indicators also suggest negative sentiment. If the pair remains below 55.00, the downtrend may persist in the coming days.
Intraday Levels: Support: 54.65, 54.30, 53.85 Resistance: 55.00, 55.40, 55.75 (Based on 15-Minute Charts)
Positional Trading: Support: 54.20-53.25 Resistance: 55.00-55.75