Currency Market Analysis - April 19, 2024
USD/INR: Closing at 83.54 in the recent trading session, the USD/INR pair exhibited a negative bias. While momentum indicators support a bullish trend, the daily chart showing a Doji candle closing inside the previous candle suggests a sideways trend. The nearest short-term support is at 83.50. As long as the pair remains above this level, a positive trend is likely to persist in the coming days. The next immediate short-term resistance is anticipated at 83.80 levels.
Intraday Levels: Support: 83.50, 83.42, 83.35 Resistance: 83.57, 83.65, 83.72 (Based on 15-Minute Charts)
Positional Trading: Support: 83.50-83.20 Resistance: 83.80-84.10
GBP/INR: Concluding the preceding trading session at 104.26, the GBP/INR pair demonstrated a positive bias. While momentum indicators suggest a bearish sentiment, the daily chart displays a small white candle closing above the previous day's close, indicating positive sentiment. Short-term support is identified at 104.00 levels; a breach below this level may lead to a bearish trend, otherwise, a rebound is possible from this support area.
Intraday Levels: Support: 104.20, 104.00, 103.80 Resistance: 104.40, 104.60, 104.80 (Based on 15-Minute Charts)
Positional Trading: Support: 104.00-103.00 Resistance: 105.00-106.30
EUR/INR: Concluding the prior trading session at 89.20, the EUR/INR pair depicted a positive bias. While momentum indicators signal a negative trend, the daily chart presenting a white candle closing above the previous resistance level of 89 indicates a positive sentiment. Further uptrend is probable if the pair remains above the 89.00 level. The next immediate intraday resistance is located at 89.30.
Intraday Levels: Support: 89.10, 88.90, 88.70 Resistance: 89.30, 89.50, 89.70 (Based on 15-Minute Charts)
Positional Trading: Support: 89.00-88.00 Resistance: 90.00-91.00
JPY/INR: Closing at 54.09, lower than the previous day's close, the JPY/INR pair indicates bearish sentiment. The daily chart displays a black candle pattern, closing below the previous close, suggesting a negative bias. Momentum indicators also support negative sentiment. Further downtrend is possible if the pair remains below the 54.20 level.
Intraday Levels: Support: 54.05, 53.95, 53.80 Resistance: 54.23, 54.35, 54.50 (Based on 15-Minute Charts)
Positional Trading: Support: 53.25-52.40 Resistance: 54.20-55.00