CURRENCY MARKET ANALYSIS - April 01, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.37, indicating a positive bias. Momentum indicators lean towards a bullish trend, and the daily chart displays a white candle closing above the previous day's close, signaling positivity. Intraday support is positioned at 83.30, with resistance at 83.40. A breach above 83.40 could fuel a further uptrend.
Intraday Levels: Support: 83.30, 83.20, 83.10 Resistance: 83.40, 83.50, 83.60 (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 105.29, showing a neutral stance. Momentum indicators suggest a bearish trend, while the daily chart exhibits a small white candle closing near the previous day's close, indicating sideways sentiment. Intraday resistance is observed at 105.35, with a breach likely to sustain the uptrend, while failure may lead to slight negativity.
Intraday Levels: Support: 105.20, 105.05, 104.95 Resistance: 105.35, 105.50, 105.65 (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 90.22, displaying a downward inclination. Momentum indicators signal a negative trend, and the daily chart presents a Doji candle closing below the previous day's close, suggesting negativity. Short-term support lies at 90.10; further moves below this level may intensify the downtrend. The nearest intraday resistance is at 90.25.
Intraday Levels: Support: 90.15, 90.05, 89.95 Resistance: 90.25, 90.35, 90.50 (Based on 15-Minute Charts)
Positional Trading: Support: 90.10-89.30 Resistance: 91.00-92.00
JPY/INR: The JPY/INR pair closed at 55.08, lower than the previous day's close, with the daily chart exhibiting a black candle pattern indicating negativity. Additionally, momentum indicators signal negative sentiment. Short-term support is identified at 55.00; a breach below this level could lead to further downtrend, otherwise consolidation above this level might occur for a few more days.
Intraday Levels: Support: 55.06, 54.95, 54.85 Resistance: 55.25, 55.36, 55.50 (Based on 15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.50