Currency Market Analysis - December 04, 2023

Welcome to our comprehensive market analysis report for December 04, 2023. This report provides a detailed technical assessment of major currency pairs based on the closing data from December 01, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.36, signaling a decrease from the prior day's close. Momentum indicators suggest a positive trend. The daily chart reveals a small white candle, closing just below the previous day's close. On the higher side, the pair faces short-term resistance at 83.40. Sustained trade below this level may lead to a slightly negative trend.

Intraday Levels: Support: 83.36, 83.32, 83.28 Resistance: 83.44, 83.45, 83.50 (15-Minute Charts)

Positional Trading: Support: 83.15-82.80 Resistance: 83.40-83.60

GBP/INR: The GBP/INR currency pair concluded the previous trading session at 105.44 on a positive note. Momentum indicators suggest a bullish trend, and the daily chart displays a small white candle pattern, closing above the previous day's level, indicating a positive bias. The short-term support at 105.20 is crucial for maintaining positive momentum. Remaining above this level could lead to a continuation of bullish momentum, while a drop below the support level may result in profit booking.

Intraday Levels: Support: 105.25, 105.00, 104.75 Resistance: 105.50, 105.80, 106.00 (15-Minute Charts)

Positional Trading: Support: 105.20-103.50 Resistance: 106.25-108.00

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.87, below the previous day's close. Momentum indicators suggest a bullish trend, while the daily chart displays a black candle pattern, closing below the previous day's close. On the higher side, the pair encounters short-term resistance at 91.35. Sustained trade below this level may indicate further downward bias. The nearest intraday support is at 90.30.

Intraday Levels: Support: 90.70, 90.50, 90.35 Resistance: 90.90, 91.05, 91.15 (15-Minute Charts)

Positional Trading: Support: 90.30-89.45 Resistance: 91.35-92.30

JPY/INR: Closing the previous trading session at 56.62, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a Doji candle pattern, closing below the previous day's close, indicating a downward bias. Momentum indicators are signaling a positive trend. The short-term support at 56.50 is crucial; if the pair moves below this level, further downside movement can be expected. Otherwise, a pullback rally can be expected from the support area.

Intraday Levels: Support: 56.55, 56.35, 56.20 Resistance: 56.75, 56.95, 57.10 (15-Minute Charts)

Positional Trading: Support: 56.50-55.75 Resistance: 57.00-57.85