CURRENCY MARKET ANALYSIS - DECEMBER 18, 2023
We present a comprehensive market analysis report for December 18, 2023, providing an in-depth technical evaluation of major currency pairs based on closing data from December 15, 2023.
USD/INR: In the recent trading session, the USD/INR currency pair concluded at 83.02, below the prior day's close. Momentum indicators suggest a negative trend, evident in the daily chart revealing a long black candle that closed below the previous short-term support level of 83.15. If the pair remains below this level, the negative trend may persist in the coming days. The next short-term support is at 82.80 levels.
Intraday Levels: Support: 83.00, 82.90, 82.80 Resistance: 83.10, 83.20, 83.30 (15-Minute Charts)
Positional Trading: Support: 82.80-82.40 Resistance: 83.15-83.40
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.96 on a positive note. The momentum indicators suggest a bearish trend. The daily chart displays a Doji candle pattern, closing above the previous day's close. The long upper shadow of the candle indicates that selling pressure emerged near the resistance level. On the higher side, short-term resistance remains at 106.35. If the pair surpasses this level, the positive trend will continue; otherwise, the pair may consolidate below this level for a few days.
Intraday Levels: Support: 105.85, 105.60, 105.40 Resistance: 106.20, 106.40, 106.60 (15-Minute Charts)
Positional Trading: Support: 105.20-104.00 Resistance: 106.35-107.80
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.04, on a flat note. Momentum indicators suggest a neutral trend as the daily chart displays a long black candle pattern closing just below the previous day's close. On the lower side, the pair has intraday support at the 91.00 level. If the pair moves below this level, further downside movement can be expected. Otherwise, a pullback rally can be anticipated from the support level.
Intraday Levels: Support: 91.00, 90.72, 90.50 Resistance: 91.20, 91.40, 91.60 (15-Minute Charts)
Positional Trading: Support: 90.45-89.50 Resistance: 91.65-92.40
JPY/INR: Closing the prior trading session at 58.73, 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 slightly negative bias. Momentum indicators signal a positive trend. On the higher side, the pair has short-term resistance at 58.80 levels. If the pair remains below this level, the downward bias can continue today.
Intraday Levels: Support: 58.65, 58.40, 58.20 Resistance: 58.90, 59.10, 59.25 (15-Minute Charts)
Positional Trading: Support: 58.00-57.25 Resistance: 58.80-59.60