Currency Market Analysis - April 26, 2024
USD/INR: In the last trading session, the USD/INR pair closed at 83.32, marking a decline from the previous day's close. Momentum indicators indicate a bearish trend, with the daily chart forming a Doji candle and closing below the previous day's close, signaling negative sentiment. The nearest intraday resistance remains at 83.37, and the downtrend is likely to persist if the pair remains below this level. The nearest intraday support stands at 83.30.
Intraday Levels: Support: 83.30, 83.25, 83.20 Resistance: 83.37, 83.43, 83.50 (Based on 15-Minute Charts)
Positional Trading: Support: 83.20-82.90 Resistance: 83.50-83.80
GBP/INR: The GBP/INR pair concluded the last trading session at 104.21, surpassing the previous day's close. Despite momentum indicators suggesting a bearish sentiment, the daily chart exhibited a long white candle closing above the previous resistance at 104, indicating a positive trend. Sustaining above this level suggests the continuation of the positive trend.
Intraday Levels: Support: 104.00, 103.25, 103.45 Resistance: 104.25, 104.50, 104.75 (Based on 15-Minute Charts)
Positional Trading: Support: 104.00-103.80 Resistance: 105.00-106.25
EUR/INR: Closing at 89.34 in the last trading session, EUR/INR exhibited an uptick from the previous day's close. While momentum indicators signal a negative trend, the daily chart displayed a white candle closing above the previous day's close, suggesting a positive trend. Further positivity can be anticipated if the pair surpasses the resistance at 89.40.
Intraday Levels: Support: 89.20, 89.05, 88.90 Resistance: 89.40, 89.55, 89.70 (Based on 15-Minute Charts)
Positional Trading: Support: 88.50-87.60 Resistance: 89.70-90.75
JPY/INR: Concluding at 53.62 in the last trading session, the JPY/INR pair displayed a decline from the previous day's close, indicating a bearish sentiment. The daily chart showcased a Doji candle pattern, closing below the previous close, further suggesting a negative trend. Momentum indicators align with this sentiment. Continuation of the downtrend is possible if the pair breaches the 53.60 level.
Intraday Levels: Support: 53.60, 53.50, 53.40 Resistance: 53.75, 53.85, 53.95 (Based on 15-Minute Charts)
Positional Trading: Support: 53.25-52.40 Resistance: 54.20-55.00