Currency Market Analysis - November 22, 2023

Welcome to our in-depth market analysis report for November 22, 2023. In this report, we provide a comprehensive technical evaluation of major currency pairs based on the closing data from November 21, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.34, closing below the previous day's close. Momentum indicators suggest a neutral trend. The daily chart reveals a small black candle, closing inside the previous day's close, indicating a sideways trend. On the upside, it faces short-term resistance at 83.40; if the pair surpasses this level, the short-term trend may turn positive. Otherwise, a slightly negative trend can be expected.

For intraday traders, monitoring support levels at 83.33, 83.29, and 83.25, along with resistance levels at 83.38, 83.45, and 83.55 using 15-minute charts is recommended. Positional traders should be mindful of short-term support at 83.15-82.80 and resistance at 83.40-83.60.

GBP/INR: The GBP/INR currency pair concluded the previous trading session at 104.38 on a positive note. Momentum indicators suggest a bullish trend, and the daily chart displays a Doji candle pattern, closing above the previous day's level, indicating a positive bias. On the lower side, the pair has short-term support at 104; if it remains above this level, the positive momentum can continue in the coming days. The next short-term resistance is at 106.20.

Intraday traders should focus on immediate support levels at 104.25, 104, and 103.80, along with resistance levels at 104.50, 104.80, and 105, utilizing 15-minute charts. Positional traders should note short-term support levels at 104-102.70 and resistance at 105.20-106.25.

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.15, above the previous day's close. Momentum indicators suggest a bullish trend, and the daily chart displays a black candle pattern but closing above the previous day's close, indicating the potential for a positive trend. Last trading session, the pair tested a short-term resistance level at 91.35; if the pair moves above this level, further upside movement can be expected today. Otherwise, profit booking can be expected near the resistance level.

Intraday traders should pay attention to immediate support levels at 91.00, 90.80, and 90.60, as well as be vigilant regarding resistance levels at 91.20, 91.40, and 91.60 through 15-minute charts. Positional traders should be aware of short-term support at 90.35-89.40 and resistance at 91.35-92.30.

JPY/INR: Closing the previous trading session at 56.48, the JPY/INR currency pair displayed a bullish trend. The daily chart exhibited a white candle pattern, closing above the previous day's close, indicating a positive trend. However, the long upper shadow of the candle indicates that selling pressure emerged at higher levels. Momentum indicators are signaling a positive trend. On the lower side, the pair has short-term support at 56.40. If it remains above this level, the positive momentum can continue. Otherwise, a slightly negative trend can be expected.

Intraday traders should monitor support levels at 56.40, 56.20, and 56.00, and stay vigilant about resistance levels at 56.60, 56.80, and 57.00 by referring to 15-minute charts. Positional traders should note short-term support levels at 56.40-55.75 and resistance at 57.10-57.80.