Currency Market Analysis - November 15, 2023

Welcome to our comprehensive market analysis report for November 15, 2023. In this report, we present a detailed technical evaluation of major currency pairs based on the closing data from November 13, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.31, below the previous day's close. Momentum indicators suggest a negative trend. The daily chart reveals a black candle, closing below the previous day's close, indicating a bearish trend. Intraday resistance is noted at 83.37, while support is at 83.30. A move above 83.37 could signal a positive trend, whereas a drop below 83.30 may indicate a further downtrend.

For intraday traders, monitoring support levels at 83.30, 83.25, and 83.20, along with resistance levels at 83.37, 83.44, and 83.50 using 15-minute charts is advised. Positional traders should be mindful 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 102.08 on a positive note. The momentum indicators suggest a bullish trend, the daily chart displays a white candle pattern, closing above the previous day's level. This pattern indicates the possibility of an uptrend. Intraday support is identified at 102.00, while the resistance at 102.20. For the continuation of the bullish trend, the pair needs to remain above 102.00.

Intraday traders should focus on immediate support levels at 102.00, 101.80, and 101.60, along with resistance levels at 102.20, 102.40, and 102.60, utilizing 15-minute charts. Positional traders should note short-term support levels at 101.60-100.50 and resistance at 102.70-103.80.

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.10, just above the previous day's close. The momentum indicators suggest a bullish trend, the daily chart displays a white candle pattern, closing above the previous day's close, indicating the potential for a positive trend. A positive trend can be anticipated today if the pair trades and stays above the 89.05 level.

Intraday traders should pay attention to immediate support levels at 89.05, 88.95, and 88.85, as well as be vigilant regarding resistance levels at 89.20, 89.30, and 89.40 through 15-minute charts. Positional traders should be aware of short-term support at 88.60-87.60 and resistance at 89.50-90.30.

JPY/INR: Closing the previous trading session at 55.11, the JPY/INR currency pair displayed a negative bias. The daily chart exhibited a Doji candle pattern, closing below the previous day's close, indicating a negative bias. Momentum indicators are signaling a negative trend. Downside movement can be expected if the pair remains below 55.15.

Intraday traders should monitor support levels at 55.05, 54.97, and 54.90, and stay vigilant about resistance levels at 55.15, 55.25, and 55.35 by referring to 15-minute charts. Positional traders should note short-term support levels at 54.65-54.00 and resistance at 55.25-55.75.