Currency Market Analysis - November 28, 2023
Welcome to our comprehensive market analysis report for November 28, 2023. In this report, we provide an in-depth technical assessment of major currency pairs based on the closing data from November 24, 2023.
USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.38, marking an increase from the previous day's close. Momentum indicators suggest a neutral trend. The daily chart reveals a white candle, closing near the short-term resistance of 83.40. A breach above this level may turn the short-term trend positive; otherwise, the pair may consolidate below this level for a few days.
Intraday traders should monitor support levels at 83.36, 83.28, and 83.22, along with resistance levels at 83.40, 83.45, and 83.50 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 104.68 on a positive note. Momentum indicators suggest a bullish trend, and the daily chart displays a white candle pattern, closing above the previous day's level, indicating a positive bias. Intraday support at 104.55 is crucial for maintaining positive momentum, with the next short-term resistance at 105.20.
Intraday traders should focus on immediate support levels at 104.55, 104.40, and 104.20, along with resistance levels at 104.75, 104.95, and 105.15, 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 90.96, at the previous day's close. Momentum indicators suggest a bullish trend, while the daily chart displays a white candle pattern, closing near the previous day's close, indicating a positive trend. Intraday support at 90.86 and resistance at 91.05 are pivotal levels. A move above 91.05 may sustain the positive bias, while a negative trend requires a breach below 90.86.
Intraday traders should pay attention to immediate support levels at 90.86, 90.70, and 90.55, and be vigilant regarding resistance levels at 91.05, 91.20, 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 55.79, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a small black candle pattern, closing below the previous day's close, indicating a negative trend. Despite this, momentum indicators are signaling a positive trend. Short-term support at 55.75 is crucial; if the pair moves below this level, further downside can be expected. Otherwise, a pullback rally is anticipated from the support area.
Intraday traders should monitor support levels at 55.75, 55.60, and 55.45, and stay vigilant about resistance levels at 55.90, 56.05, and 56.20 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.