Currency Market Analysis - December 01, 2023
Welcome to our comprehensive market analysis report for December 01, 2023. This report offers a detailed technical assessment of major currency pairs based on the closing data from November 30, 2023.
USD/INR: In the previous trading session, the USD/INR currency pair concluded at 83.42, indicating an increase from the prior day's close. Momentum indicators suggest a positive trend. The daily chart reveals a small white candle, closing just above the resistance at 83.40. If the pair trades and sustains above this level, further upside movement can be expected in the coming days. On the higher side, the immediate intraday resistance remains at 83.45.
Intraday Levels: Support: 83.40, 83.36, 83.32 Resistance: 83.45, 83.50, 83.55 (15-Minute Charts)
Positional Trading: Support: 83.40-83.15 Resistance: 83.60-83.80
GBP/INR: The GBP/INR currency pair concluded the previous trading session at 105.35 on a negative note. Momentum indicators suggest a bullish trend, but the daily chart displays a black candle pattern, closing below the previous day's level, indicating consolidation. The short-term support at 105.20 is crucial for maintaining positive momentum. If the pair remains above this level, bullish momentum can continue. Below the support level, further profit booking can be expected.
Intraday Levels: Support: 105.25, 105.00, 104.75 Resistance: 105.50, 105.80, 106.00 (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 91.10, below the previous day's close. Momentum indicators suggest a bullish trend, while the daily chart displays a black candle pattern, closing below the previous short-term support at 91.35. If the pair stays below this level, further downward bias can be expected. The nearest intraday support is at 91.02.
Intraday Levels: Support: 91.02, 90.85, 90.70 Resistance: 91.15, 91.30, 91.45 (15-Minute Charts)
Positional Trading: Support: 90.30-89.45 Resistance: 91.35-92.30
JPY/INR: Closing the previous trading session at 56.82, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a small black candle pattern, closed just below the previous day's close, indicating the possibility of consolidation. Momentum indicators are signaling a positive trend. Short-term resistance at 57.00 is crucial; if the pair surpasses this level, further upside movement can be expected. Otherwise, it may consolidate below this level for a few days.
Intraday Levels: Support: 56.75, 56.55, 56.35 Resistance: 56.95, 57.10, 57.25 (15-Minute Charts)
Positional Trading: Support: 56.50-55.75 Resistance: 57.00-57.85