CURRENCY MARKET ANALYSIS - DECEMBER 14, 2023

Welcome to our in-depth market analysis report for December 14, 2023, providing a comprehensive technical assessment of major currency pairs based on closing data from December 13, 2023.

USD/INR: In the last trading session, the USD/INR currency pair concluded at 83.45, slightly above the prior day's close. Momentum indicators suggest a neutral trend, as the daily chart reveals a small white candle consolidating above short-term support at 83.40. Continued consolidation is likely if it remains above this level, but a potential negative trend could emerge if it falls below the support.

Intraday Levels: Support: 83.40, 83.36, 83.32 Resistance: 83.46, 83.50, 83.54 (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 104.47 on a bearish note. Momentum indicators suggest a bearish trend, with the daily chart displaying a black candle pattern closing below the previous day's close. Short-term resistance at 105.20 is crucial, and staying below this level may sustain the negative trend, with the next short-term support at 104.00.

Intraday Levels: Support: 104.40, 104.20, 104.00 Resistance: 104.60, 104.80, 105.00 (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 90.04, below the previous day's close. Momentum indicators suggest a bearish trend, as the daily chart displays a small black candle pattern closing inside the previous four days' candle. Intraday resistance is at 90.12, with support at 90.00. Further downside movement can be expected if the pair remains below 90.12.

Intraday Levels: Support: 90.00, 89.85, 89.70 Resistance: 90.12, 90.25, 90.40 (15-Minute Charts)

Positional Trading: Support: 89.45-88.30 Resistance: 90.35-91.35

JPY/INR: Closing the prior trading session at 57.53, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a Doji 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 be expected to continue.

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