Currency Market Analysis - November 17, 2023

Welcome to our comprehensive market analysis report for November 17, 2023. In this report, we present a detailed technical assessment of major currency pairs based on the closing data from November 16, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.22, surpassing the previous day's close. Momentum indicators suggest a negative trend. The daily chart reveals a white candle, with the closing above the previous day's close, indicating a sideways trend. The short-term support is at the 83.15 level; if the pair remains above this level, consolidation may continue. Below the support level, the downtrend may resume, with the next short-term support at 82.80 levels.

For intraday traders, monitoring support levels at 83.20, 83.10, and 83.00, along with resistance levels at 83.30, 83.35, and 83.43 using 15-minute charts is advised. 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 103.26 on a negative note. Momentum indicators suggest a bullish trend, and the daily chart displays a white candle pattern, closing below the previous day's level, indicating a slightly negative bias. On the lower side, the pair has intraday support at 103.20. If the pair remains above this level, a pullback rally can be expected today; otherwise, a slightly negative trend may prevail.

Intraday traders should focus on immediate support levels at 103.20, 102.90, and 102.70, along with resistance levels at 103.50, 103.80, and 104.05, utilizing 15-minute charts. Positional traders should note short-term support levels at 102.70-101.60 and resistance at 104-105.20.

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.36, above the previous day's close. Momentum indicators suggest a bullish trend, and the daily chart displays a white candle pattern, closing above the previous day's close, indicating the potential for a positive trend. On the lower side, short-term support remains at 90.30; if the pair stays above this level, further upside movement can be expected today. The next short-term resistance remains at 91.35.

Intraday traders should pay attention to immediate support levels at 90.20, 90.00, and 89.80, as well as be vigilant regarding resistance levels at 90.45, 90.60, and 90.80 through 15-minute charts. Positional traders should be aware of short-term support at 89.40-88.60 and resistance at 90.35-91.35.

JPY/INR: Closing the previous trading session at 55.19, the JPY/INR currency pair displayed a negative bias. The daily chart exhibited a Doji candle pattern, closing below the previous day's close, indicating a negative trend. Momentum indicators are signaling a negative trend. On the higher side, the pair has short-term resistance at 55.25. If it remains below this level, further downside movement can be expected.

Intraday traders should monitor support levels at 55.10, 55.03, and 54.95, and stay vigilant about resistance levels at 55.20, 55.30, and 55.38 by referring to 15-minute charts. Positional traders should note short-term support levels at 54.65-54.10 and resistance at 55.25-55.75.