Currency Market Analysis - April 25, 2024
USD/INR: In the recent trading session, the USD/INR pair closed at 83.35, lower than the previous day's closing. Momentum indicators signal a bearish trend, and the daily chart formed a small white candle, but the closing was below the previous day's close, indicating a negative sentiment. The nearest intraday resistance is positioned at 83.37. A continuation of the downtrend is possible if the pair remains below this level. The nearest intraday support remains 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: Closing at 103.57 in the last trading session, the GBP/INR pair ended higher than the previous day's close. Momentum indicators suggest a bearish sentiment, but the daily chart displays a black candle closing above the previous candle, indicating a positive trend. The nearest intraday support is at 103.45, and remaining above this level could lead to a further uptrend.
Intraday Levels: Support: 103.45, 103.25, 103.00 Resistance: 103.75, 104.00, 104.25 (Based on 15-Minute Charts)
Positional Trading: Support: 103.00-102.00 Resistance: 104.00-105.00
EUR/INR: In the last trading session, EUR/INR closed at 88.99. The pair shows a positive bias. Momentum indicators signal a negative trend, while the daily chart formed a small black candle, closing near the resistance level of 89. A positive trend can be expected if the pair surpasses the resistance at 89.00.
Intraday Levels: Support: 88.90, 88.70, 88.55 Resistance: 89.10, 89.30, 89.45 (Based on 15-Minute Charts)
Positional Trading: Support: 88.00-87.00 Resistance: 89.00-90.00
JPY/INR: In the last trading session, the JPY/INR pair closed at 53.82, lower than the previous day's close, indicating a bearish sentiment. The daily chart displays a small black candle pattern, closing below the previous close, suggesting a negative trend. Momentum indicators also support negative sentiment. A further downtrend is possible if the pair moves below the 53.73 level.
Intraday Levels: Support: 53.73, 53.60, 53.50 Resistance: 53.85, 54.00, 54.15 (Based on 15-Minute Charts)
Positional Trading: Support: 53.25-52.40 Resistance: 54.20-55.00