CURRENCY MARKET ANALYSIS - April 08, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.36, indicating a bearish sentiment. Although momentum indicators favor a bullish trend, the daily chart exhibits a long black candle closing below the previous support level of 83.50, signaling a negative bias. Short-term resistance remains firm at 83.50; sustaining below this level may prolong the downward trend.
Intraday Levels: Support: 83.30, 83.25, 83.20 Resistance: 83.38, 83.45, 83.52 (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 105.26, displaying a bearish bias. Despite momentum indicators suggesting a bearish trend, the daily chart portrays a small black candle closing below the previous day's close, indicating negative sentiment. Short-term support is observed at 105.00 levels.
Intraday Levels: Support: 105.20, 105.00, 104.80 Resistance: 105.40, 105.70, 105.90 (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 90.40, displaying a downward trend. Although momentum indicators signal a sideways movement, the daily chart exhibits a black candle closing below the previous day's close, suggesting negative sentiment. Further downtrend is probable if the pair breaches the 90.30 level. The nearest intraday resistance stands at 90.50.
Intraday Levels: Support: 90.30, 90.15, 90.00 Resistance: 90.50, 90.70, 90.90 (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 55.21, higher than the previous day's close, displaying a bullish sentiment. The daily chart exhibits a white candle pattern, closing above the previous resistance at 55.00, indicating a positive bias. However, momentum indicators suggest a conflicting negative sentiment. If the pair maintains levels above 55.00, the uptrend may persist, with the next short-term resistance noted at 55.75 levels.
Intraday Levels: Support: 55.00, 54.65, 54.25 Resistance: 55.40, 55.80, 56.20 (Based on 15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.50