Currency Market Analysis - December 06, 2023

Welcome to our detailed market analysis report for December 06, 2023, providing a comprehensive technical evaluation of major currency pairs based on the closing data from December 05, 2023.

USD/INR: In the previous trading session, the USD/INR currency pair concluded at 83.39, indicating a decrease from the previous day's close. Momentum indicators suggest a positive trend. The daily chart reveals a black candle, closing below the previous day's close. On the higher side, the pair encounters short-term resistance at 83.40. A movement above this level could prompt further upside. Otherwise slightly negative trend can be expected today.

Intraday Levels: Support: 83.36, 83.32, 83.25 Resistance: 83.40, 83.45, 83.50 (15-Minute Charts)

Positional Trading: Support: 83.13-82.80 Resistance: 83.40-83.60

GBP/INR: The GBP/INR currency pair concluded the previous trading session at 105.35 on a negative note. While momentum indicators suggest a bullish trend, the daily chart displays a black candle pattern, closing below the previous day's level, indicating a negative bias. The short-term support at 105.20 is pivotal for maintaining positive momentum. Remaining above this level could lead to a continuation of the bullish trend, while a breach may result in a downward trend.

Intraday Levels: Support: 105.20, 105.00, 104.80 Resistance: 105.40, 105.60, 105.80 (15-Minute Charts)

Positional Trading: Support: 105.20-103.50 Resistance: 106.25-108.00

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.41, below the previous day's close. Momentum indicators suggest a bullish trend, but the daily chart displays a black candle pattern, closing below the previous day's close. On the lower side, the pair encounters short-term support at 90.40. A move below this level may indicate further downward bias, while a bounce-back can be expected if the support area holds.

Intraday Levels: Support: 90.40, 90.20, 90.00 Resistance: 90.60, 90.80, 91.00 (15-Minute Charts)

Positional Trading: Support: 90.30-89.45 Resistance: 91.35-92.30

JPY/INR: Closing the previous trading session at 56.98, 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 bias. Momentum indicators are signaling a positive trend. The short-term resistance at 57.25 is crucial; if the pair stays below this level, further downside movement can be expected. The next short-term support is at 56.50 levels.

Intraday Levels: Support: 59.95, 56.80, 56.65 Resistance: 57.10, 57.25, 57.40 (15-Minute Charts)

Positional Trading: Support: 56.50-55.75 Resistance: 57.25-58.25