CURRENCY MARKET ANALYSIS - April 05, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.51, indicating a negative bias. While momentum indicators favor a bullish trend, the daily chart shows a small black candle closing below the previous day's close, signaling a slightly negative bias. Short-term support remains steady at 83.50; if the pair maintains above this level, a positive trend may persist.
Intraday Levels: Support: 83.47, 83.40, 83.32 Resistance: 83.58, 83.70, 83.80 (Based on 15-Minute Charts)
Positional Trading: Support: 83.50-83.20 Resistance: 83.80-84.10
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.50, displaying a positive bias. Despite momentum indicators suggesting a bearish trend, the daily chart shows a white candle closing above the previous day's close, indicating positive sentiment. The next short-term resistance is anticipated at 106.00.
Intraday Levels: Support: 105.45, 105.27, 105.05 Resistance: 105.70, 105.95, 106.20 (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 90.67, exhibiting an upward inclination. Momentum indicators signal a positive trend, with the daily chart presenting a white candle closing above the previous candle high, suggesting positive sentiment. Further uptrend is probable if the pair maintains above the 90.75 level. The nearest intraday support stands at 90.50.
Intraday Levels: Support: 90.50, 90.35, 90.15 Resistance: 90.75, 90.90, 91.10 (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 54.92, lower than the previous day's close. The daily chart displays a black candle pattern, closing below the previous support at 55.00, indicating a negative bias. Moreover, momentum indicators signal negative sentiment. If the pair remains below the 55.00 level, the downtrend may continue in the coming days. The next short-term support is at 54.50 levels.
Intraday Levels: Support: 54.65, 54.30, 53.80 Resistance: 55.10, 55.40, 55.80 (Based on 15-Minute Charts)
Positional Trading: Support: 54.50-54.00 Resistance: 55.00-55.75