Currency Market Analysis - December 13, 2023
Welcome to our comprehensive market analysis report for December 13, 2023, offering a detailed technical evaluation of major currency pairs based on the closing data from December 12, 2023.
USD/INR: In the previous trading session, the USD/INR currency pair concluded at 83.43, slightly above the prior day's close. Momentum indicators suggest a neutral trend, as the daily chart reveals a small black candle and consolidating above short-term support at 83.40. If it remains above this level, consolidation may persist for a few more days. A potential negative trend could emerge if it falls below the support level.
Intraday Levels: Support: 83.40, 83.37, 83.34 Resistance: 83.43, 83.46, 83.50 (15-Minute Charts)
Positional Trading: Support: 83.40-83.13 Resistance: 83.60-83.90
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.86 on a bearish note. Momentum indicators suggest a bearish trend, and the daily chart displays a Doji candle pattern, closing below the previous day's close, indicating a negative trend. Short-term resistance is observed at 105.20, and remaining below this level could sustain the negative trend, with the next short-term support at 104.00.
Intraday Levels: Support: 104.80, 104.60, 104.40 Resistance: 105.00, 105.20, 105.40 (15-Minute Charts)
Positional Trading: Support: 104.00-103.00 Resistance: 105.20-106.25
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.16, above the previous day's close. Momentum indicators suggest a bearish trend, and the daily chart displays a white candle pattern, closing above the previous four days' close. Intraday resistance is at 90.25, with support at 90.10. If the pair remains above 90.10, further upside movement can be expected; otherwise, a slightly negative trend is anticipated.
Intraday Levels: Support: 90.10, 89.95, 89.80 Resistance: 90.25, 90.40, 90.55 (15-Minute Charts)
Positional Trading: Support: 89.45-88.30 Resistance: 90.35-91.35
JPY/INR: Closing the prior trading session at 57.59, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a white candle pattern, closing inside the previous day's close, indicating the possibility of consolidation. Momentum indicators signal a positive trend. On the higher side, the pair has intraday resistance at 57.60 levels. If the pair moves above this level, the positive trend can continue today as well.
Intraday Levels: Support: 57.40, 57.20, 57.00 Resistance: 57.60, 57.80, 58.00 (15-Minute Charts)
Positional Trading: Support: 57.20-56.50 Resistance: 58.00-58.80