Currency Market Analysis - April 22, 2024
USD/INR: The USD/INR pair closed at 83.49 in the recent trading session, showing a negative bias. While momentum indicators suggest a bullish trend, the daily chart's black candle closed below the previous day's close, indicating a negative sentiment. The nearest short-term resistance stands at 83.50. If the pair remains below this level, the downtrend may persist today. The nearest intraday support lies at 83.45.
Intraday Levels: Support: 83.45, 83.37, 83.30 Resistance: 83.55, 83.66, 83.70 (Based on 15-Minute Charts)
Positional Trading: Support: 83.20-82.90 Resistance: 83.50-83.80
GBP/INR: Ending the preceding trading session at 103.96, the GBP/INR pair showcased a negative bias. Momentum indicators indicate a bearish sentiment, and the daily chart displays a small black candle closing below the support level of 104.00, suggesting a negative outlook. Remaining below this level may lead to a further downtrend.
Intraday Levels: Support: 103.85, 103.70, 103.55 Resistance: 104.05, 104.25, 104.45 (Based on 15-Minute Charts)
Positional Trading: Support: 103.00-102.00 Resistance: 104.00-105.00
EUR/INR: Concluding the prior trading session at 88.96, the EUR/INR pair depicted a negative bias. Momentum indicators signal a negative trend, and the daily chart, despite presenting a white candle, closed below the previous support level of 89, indicating negative sentiment. Further downtrend is probable if the pair remains below the 89.00 level. The next immediate intraday support is located at 88.90.
Intraday Levels: Support: 88.90, 88.70, 88.50 Resistance: 89.10, 89.30, 89.50 (Based on 15-Minute Charts)
Positional Trading: Support: 88.00-87.00 Resistance: 89.00-90.00
JPY/INR: Closing near the previous day's close at 54.09, the JPY/INR pair indicates a bearish sentiment. The daily chart displays a black candle pattern, closing near the previous close, suggesting a sideways trend. Momentum indicators also support negative sentiment. Further downtrend is possible if the pair moves below the 54.05 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