Currency Market Analysis - November 16, 2023

Welcome to our in-depth market analysis report for November 16, 2023. In this report, we provide a detailed technical assessment of major currency pairs based on the closing data from November 15, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.11, below the previous day's close. Momentum indicators suggest a negative trend. The daily chart reveals a white candle, but the closing was below the previous day's close, indicating a bearish trend. The short-term resistance is at the 83.15 level; if the pair remains below this level, a further downside move can be expected. The next short-term support is at 82.80 levels.

For intraday traders, monitoring support levels at 83.10, 83.00, and 82.90, along with resistance levels at 83.20, 83.30, and 83.35 using 15-minute charts is advised. Positional traders should be mindful of short-term support at 82.80-82.50 and resistance at 83.15-83.40.

GBP/INR: The GBP/INR currency pair concluded the previous trading session at 103.57 on a positive note. Momentum indicators suggest a bullish trend, and the daily chart displays a Doji candle pattern, closing well above the previous day's level. This pattern indicates the possibility of a further uptrend. On the higher side, the pair has short-term resistance at 104. If the pair closes above this level, the bullish trend can continue in the coming days; otherwise, it may consolidate below this level for a few days.

Intraday traders should focus on immediate support levels at 103.50, 103.20, and 102.90, along with resistance levels at 103.80, 104.05, and 104.35, utilizing 15-minute charts. Positional traders should note short-term support levels at 102.70-101.60 and resistance at 104-105.

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.30, well above the previous day's close. Momentum indicators suggest a bullish trend, and the daily chart displays a white candle pattern, closing above the previous day's close, indicating the potential for a positive trend. On the higher side, the short-term resistance is at 90.35; if the pair surpasses this level, then further upside movement can be expected today. Otherwise, it may consolidate below this level for a few days.

Intraday traders should pay attention to immediate support levels at 90.20, 90.00, and 89.80, as well as be vigilant regarding resistance levels at 90.45, 90.60, and 90.80 through 15-minute charts. Positional traders should be aware of short-term support at 89.40-88.60 and resistance at 90.35-91.35.

JPY/INR: Closing the previous trading session at 55.41, the JPY/INR currency pair displayed a positive bias. The daily chart exhibited a white candle pattern, closing above the previous day's close, indicating a positive trend. Momentum indicators are signaling a negative trend. On the lower side, the pair has short-term support at 55.25. If it remains above this level, further upside movement can be expected.

Intraday traders should monitor support levels at 55.35, 55.25, and 55.15, and stay vigilant about resistance levels at 55.45, 55.55, and 55.65 by referring to 15-minute charts. Positional traders should note short-term support levels at 55.25-54.65 and resistance at 55.75-56.35.