CURRENCY MARKET ANALYSIS - April 04, 2024
USD/INR: The USD/INR currency pair concluded the recent trading session at 83.63, signaling a positive bias. Momentum indicators favor a bullish trend, with the daily chart displaying a white candle closing above the previous day's close, indicating positivity. Short-term support holds firm at 83.50, and remaining above this level could fuel further uptrend.
Intraday Levels: Support: 83.50, 83.40, 83.30 Resistance: 83.70, 83.70, 83.80 (Based on 15-Minute Charts)
Positional Trading: Support: 83.50-83.20 Resistance: 83.80-84.10
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.27, displaying a positive bias. Despite momentum indicators suggesting a bearish trend, the daily chart shows a white candle closing above the previous resistance at 105, indicating positive sentiment. Sustaining above this level could continue the uptrend.
Intraday Levels: Support: 105.20, 105.05, 104.90 Resistance: 105.35, 105.50, 105.60 (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 90.23, with an upward inclination. Despite momentum indicators signaling a negative trend, the daily chart presents a white candle closing above the resistance at 90.00, suggesting positive sentiment. Further uptrend is probable if the pair maintains above this level. The nearest intraday resistance stands at 90.35.
Intraday Levels: Support: 90.15, 90.00, 89.80 Resistance: 90.35, 90.50, 90.65 (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 55.65, higher than the previous day's close. The daily chart displays a long white candle pattern, closing above the previous day's close, indicating a positive bias. However, momentum indicators signal negative sentiment. On the upside, short-term support is identified at 55.75; remaining above this level may lead to a further uptrend today, otherwise, the pair may consolidate below this level for a few days.
Intraday Levels: Support: 55.60, 55.45, 55.30 Resistance: 55.80, 55.95, 56.10 (Based on 15-Minute Charts)
Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.50