CURRENCY MARKET ANALYSIS - April 09, 2024
USD/INR: The USD/INR currency pair closed the recent trading session at 83.35, signaling a bearish sentiment. Despite momentum indicators favoring a bullish trend, the daily chart displays a white candle closing below the previous day's close, indicating a negative bias. Short-term resistance remains firm at 83.50; sustaining below this level may prolong the downward trend.
Intraday Levels: Support: 83.30, 83.25, 83.20 Resistance: 83.38, 83.45, 83.52
(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 105.15, displaying a bearish bias. Although momentum indicators suggest a bearish trend, the daily chart portrays a small black candle closing below the previous day's close, indicating negative sentiment. Short-term support is observed at 105.00 levels. If the pair moves below this level, the bearish trend may continue in the coming days.
Intraday Levels: Support: 105.15, 104.95, 104.75 Resistance: 105.35, 105.55, 105.70
(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 90.35, displaying a downward trend. Momentum indicators signal a negative trend, with the daily chart showing a white candle closing below the previous day's close, suggesting negative sentiment. Further downtrend is probable if the pair breaches the 90.30 level. The nearest intraday resistance stands at 90.50.
Intraday Levels: Support: 90.30, 90.15, 90.00 Resistance: 90.50, 90.70, 90.90
(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 55.08, lower than the previous day's close, indicating a negative sentiment. The daily chart exhibits a black candle pattern, closing near the support at 55.00, indicating a negative bias. However, momentum indicators suggest negative sentiment. If the pair moves below 55.00, the downtrend may persist in the coming days, otherwise, a pullback rally can be expected from the support area.
Intraday Levels: Support: 55.00, 54.65, 54.25 Resistance: 55.40, 55.80, 56.20
(Based on 15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.50