Currency Market Analysis - December 05, 2023

Welcome to our comprehensive market analysis report for December 05, 2023. This report offers a detailed technical assessment of major currency pairs based on the closing data from December 04, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.40, indicating an increase from the previous day's close. Momentum indicators suggest a positive trend. The daily chart reveals a white candle, closing above the previous day's close. On the lower side, the pair encounters short-term support at 83.40. Sustained trade above this level may lead to a positive trend.

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 105.73 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. The short-term support at 105.20 is crucial for maintaining positive momentum. Remaining above this level could lead to a continuation of the bullish trend. The next short-term resistance is at 106.25.

Intraday Levels: Support: 105.50, 105.30, 105.10 Resistance: 105.75, 105.95, 106.10 (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 90.78, below the previous day's close. Momentum indicators suggest a bullish trend, while the daily chart displays a Doji candle pattern, closing below the previous day's close. On the lower side, the pair has intraday support at 90.60. Sustained trade below this level may indicate further downward bias. Otherwise, a bounce-back can be expected from the support area.

Intraday Levels: Support: 90.60, 90.40, 90.20 Resistance: 90.80, 91.00, 91.20 (15-Minute Charts)

Positional Trading: Support: 90.30-89.45 Resistance: 91.35-92.30

JPY/INR: Closing the previous trading session at 57.21, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a white candle pattern, closing above the previous day's close, indicating a positive bias. Momentum indicators are signaling a positive trend. The short-term support at 57.00 is crucial; if the pair stays above this level, further upside movement can be expected. The next short-term resistance is at 57.85 levels.

Intraday Levels: Support: 57.10, 56.95, 56.80 Resistance: 57.25, 57.40, 57.55 (15-Minute Charts)

Positional Trading: Support: 57.00-56.50 Resistance: 57.85-58.65