Currency Market Analysis - April 29, 2024
USD/INR: The USD/INR pair closed at 83.34 in the most recent trading session, marking a gain from the previous day's close. While momentum indicators suggest a bearish trend, the daily chart formed a small white candle, closing above the previous day's close, signaling positive sentiment. The nearest intraday resistance is noted at 83.37. If the pair surpasses this level, a further uptrend can be expected today. On the lower side, the 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 104.23, surpassing the previous day's close. Despite momentum indicators suggesting a bearish sentiment, the daily chart exhibited a small white candle closing above the previous day's close, indicating a positive trend. Sustaining above the support level of 104.00 may lead to a further uptrend.
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 89.45 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 remains above the support level of 89.40.
Intraday Levels: Support: 89.40, 89.20, 89.05 Resistance: 89.55, 89.70, 89.85 (Based on 15-Minute Charts)
Positional Trading: Support: 88.50-87.60 Resistance: 89.70-90.75
JPY/INR: Concluding at 52.35 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 long black candle pattern, closing near the day's low, suggesting a further negative trend. Momentum indicators align with this sentiment. A continuation of the downtrend is possible if the pair breaches the 52.00 level.
Intraday Levels: Support: 52.30, 52.00, 51.70 Resistance: 52.60, 52.90, 53.20 (Based on 15-Minute Charts)
Positional Trading: Support: 52.00-51.00 Resistance: 53.25-54.25