Currency Market Analysis - November 24, 2023

Welcome to our comprehensive market analysis report for November 24, 2023. In this report, we provide an in-depth technical assessment of major currency pairs based on the closing data from November 23, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.34, in line with the previous day's close. Momentum indicators suggest a neutral trend. The daily chart reveals a white candle, closing at the previous day's close, indicating a sideways trend. Short-term resistance at 83.40 is a crucial level; a breach above this may turn the short-term trend positive. Conversely, a slightly negative trend can be anticipated.

Intraday traders should monitor support levels at 83.32, 83.27, and 83.22, along with resistance levels at 83.37, 83.42, and 83.48 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 104.65 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 104.50 is crucial for maintaining positive momentum. The next short-term resistance is at 105.20.

 Intraday traders should focus on immediate support levels at 104.50, 104.25, and 104, along with resistance levels at 104.80, 105, and 105.20, 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, above the previous day's close. Momentum indicators suggest a bullish trend, while the daily chart displays a white candle pattern, closing above 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 55.88, 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 55.80, 55.60, and 55.40, and stay vigilant about resistance levels at 56.10, 56.35, and 56.60 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.