Currency Market Analysis - November 23, 2023

Welcome to our detailed market analysis report for November 23, 2023. In this report, we offer a comprehensive technical assessment of major currency pairs based on the closing data from November 22, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.34, aligning with the previous day's close. Momentum indicators suggest a neutral trend. The daily chart reveals a white candle, closing near the previous day's close, indicating a sideways trend. On the upside, it encounters short-term resistance at 83.40; a breach above this level may turn the short-term trend positive. Otherwise, a slightly negative trend can be anticipated.

For intraday traders, it is advisable to monitor support levels at 83.32, 83.27, and 83.22, along with resistance levels at 83.37, 83.42, and 83.48 using 15-minute charts. 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 104.43 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; maintaining levels above this mark could sustain the positive momentum in the coming days. The next short-term resistance is at 105.15.

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 90.86, 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, indicating a slightly negative trend. On the lower side, the pair has intraday support at 90.70, with resistance at 90.92. A move below 90.70 may sustain the downward bias, while a positive trend requires a breach above 90.92.

Intraday traders should pay attention to immediate support levels at 90.70, 90.50, and 90.30, and be vigilant regarding resistance levels at 90.92, 91.14, and 91.35 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 56.06, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a black candle pattern, closing below the previous day's close, indicating a negative trend. Momentum indicators are signaling a positive trend. On the lower side, the pair has intraday support at 55.80, while the resistance is at 56.10. A move above 56.10 could trigger a pullback rally; otherwise, a negative trend can be expected.

Intraday traders should monitor support levels at 55.80, 55.60, and 55.40, and stay vigilant about resistance levels at 56.10, 56.35, and 56.60 by referring to 15-minute charts. Positional traders should note short-term support levels at 55.75-55.00 and resistance at 56.40-57.00.