Currency Market Analysis - November 06, 2023
Welcome to our comprehensive market analysis report for November 06, 2023. In this report, we provide a detailed technical assessment of major currency pairs based on the closing data from November 03, 2023.
USD/INR: In the previous trading session, the USD/INR currency pair closed at 83.30, with a relatively flat performance. Currently, momentum indicators suggest a neutral bias. The daily chart shows a white candle, closing near the previous day's level, indicating the possibility of consolidation. Intraday support is at 83.29, and resistance remains at 83.34. To establish a positive trend, the pair must surpass the 83.34 resistance. Conversely, if it falls below 83.29, a further downtrend may be expected.
For intraday traders, it's crucial to monitor support levels at 83.29, 83.24, and 83.20, while keeping an eye on resistance levels at 83.34, 83.40, and 83.45, as seen on 15-minute charts.
Positional traders should 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 101.86 on a positive note. Momentum indicators indicate a bullish trend, with the daily chart displaying a white candle pattern, closing above the previous resistance at 101.60. If the pair remains above this level, the bullish trend can continue in the coming days.
For intraday trading, consider immediate support levels at 101.75, 101.55, and 101.35, and vigilantly watch resistance levels at 101.95, 102.15, and 102.35 using 15-minute charts.
Positional traders should note short-term support levels at 101.60-100.50 and resistance at 102.70-103.85.
EUR/INR: The EUR/INR currency pair ended the previous trading session at 88.78, above the previous day's close. Momentum indicators suggest a bullish trend, with the daily chart displaying a white candle pattern, closing near the day's high. On the higher side, the pair has intraday resistance at the 88.80 level. If the pair trades and sustains above this level, the positive trend can continue in the coming days.
For intraday trading, focus on immediate support levels at 88.60, 88.40, and 88.20, and keep a vigilant watch on resistance levels at 88.80, 88.95, and 89.15 through 15-minute charts.
Positional traders should be aware of short-term support at 88.60-87.60 and resistance at 89.40-90.30.
JPY/INR: Closing the prior trading session at 55.71, the JPY/INR currency pair ended positively. The daily chart displayed a small white candle pattern, closing above the previous day's levels, indicating a positive trend. The momentum indicators are signaling a positive bias. On an intraday basis, support is at 55.70, and resistance is at 55.85. To continue the uptrend, the pair needs to remain above 55.70.
For intraday trading, closely monitor support levels at 55.70, 55.60, and 55.45, and stay vigilant about resistance levels at 55.85, 55.95, and 56.05 by referring to 15-minute charts.
Positional traders should note short-term support levels at 55.25-54.60 and resistance at 55.75-56.25.