CURRENCY MARKET ANALYSIS - April 03, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.47, suggesting 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. Short-term resistance remains at 83.50. A breach above this level could fuel a further uptrend.
Intraday Levels: Support: 83.40, 83.30, 83.20 Resistance: 83.50, 83.60, 83.70 (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 104.94, showing a negative bias. Momentum indicators suggest a bearish trend, and the daily chart exhibits a black candle closing below the previous support at 105, indicating negative sentiment. If the pair remains below this level, the downtrend will likely continue in the coming days.
Intraday Levels: Support: 104.90, 104.80, 104.70 Resistance: 105.05, 105.20, 105.35 (Based on 15-Minute Charts)
Positional Trading: Support: 104.00-103.00 Resistance: 105.00-106.00
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.81, displaying a downward inclination. Momentum indicators signal a negative trend, and the daily chart presents a white candle closing below the previous day's close, suggesting negativity. Short-term resistance lies at 90.00; a further downtrend can be expected if the pair remains below this level. The nearest intraday support is at 89.70.
Intraday Levels: Support: 89.70, 89.60, 89.50 Resistance: 89.85, 90.00, 90.15 (Based on 15-Minute Charts)
Positional Trading: Support: 89.30-88.25 Resistance: 90.00-91.00
JPY/INR: The JPY/INR pair closed at 55.31, higher than the previous day's close. The daily chart exhibits a black candle pattern, but it closed above the previous day's close, indicating a slightly positive bias. However, momentum indicators signal negative sentiment. Intraday support is identified at 55.25; if it remains above this level, it may lead to a further uptrend today, otherwise, the recent downtrend can resume.
Intraday Levels: Support: 55.25, 55.10, 54.95 Resistance: 55.35, 55.50, 55.60 (Based on 15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.50