Currency Market Analysis - November 10, 2023

Welcome to our comprehensive market analysis report for November 10, 2023. In this report, we provide an in-depth technical assessment of major currency pairs based on the closing data from November 09, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair closed at 83.30, marking a slight increase from the previous day's close, suggesting a positive bias. However, current momentum indicators indicate a negative trend. The daily chart reveals a white candle, closing near the previous day's level, hinting at potential consolidation. Short-term resistance is observed at 83.30, and maintaining levels above this point may signal further upside potential today. Conversely, failure to do so could result in a mildly negative trend.

Intraday traders should keep an eye on support levels at 83.26, 83.20, and 83.15, along with resistance levels at 83.30, 83.35, and 83.45, utilizing 15-minute charts. For positional traders, it's crucial to be aware of short-term support at 83.15-82.80 and resistance at 83.40-83.70.

GBP/INR: The GBP/INR currency pair concluded the previous trading session at 102.15, slightly below the previous day's close. Despite momentum indicators suggesting a bullish trend, the daily chart displays a black candle pattern, closing below the previous day's close. Intraday support is identified at 102.00, and sustaining below this level may indicate a negative trend for the day. To initiate a pullback rally, the pair needs to surpass 102.25.

Intraday traders should focus on immediate support levels at 102.00, 101.75, and 101.50, along with resistance levels at 102.25, 102.55, and 102.77, utilizing 15-minute charts. Positional traders should note short-term support levels at 101.60-100.50 and resistance at 102.70-103.80.

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.03, just above the previous day's close. Despite momentum indicators suggesting a bullish trend, the daily chart displays a black candle pattern, closing near the previous day's close, indicating the potential for consolidation. A negative trend can be anticipated today if the pair trades and stays below the 89.00 level. To trigger a bounce back, it needs to move above the 89.15 level.

Intraday traders should pay attention to immediate support levels at 89.00, 88.85, and 88.70, as well as be vigilant regarding resistance levels at 89.15, 89.25, and 89.37 through 15-minute charts. Positional traders should be aware of short-term support at 88.60-87.60 and resistance at 89.50-90.30.

JPY/INR: Closing the previous trading session at 55.31, the JPY/INR currency pair displayed a negative bias. The daily chart exhibited a small black candle pattern, closing below the previous day's close, indicating a negative trend. Momentum indicators are signaling a neutral trend. Further downside movement can be expected if the pair moves below 55.25, while a positive trend requires a move above 55.45.

Intraday traders should monitor support levels at 55.25, 55.15, and 55.05, and stay vigilant about resistance levels at 55.35, 55.45, and 55.53 by referring to 15-minute charts. Positional traders should note short-term support levels at 55.25-54.65 and resistance at 55.75-56.25.