Currency Market Analysis - November 20, 2023

Welcome to our comprehensive market analysis report for November 20, 2023. In this report, we provide an in-depth technical assessment of major currency pairs based on the closing data from November 17, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.26, exceeding the previous day's close. Momentum indicators suggest a negative trend. The daily chart reveals a white candle, closing slightly above the previous day's close, indicating a sideways trend. On the downside, it has intraday support at 83.22, with resistance at 83.30. Crossing above 83.30 may sustain positive momentum, while a sustained trade below 83.22 is required for a negative trend.

For intraday traders, monitoring support levels at 83.22, 83.15, and 83.08, along with resistance levels at 83.30, 83.35, and 83.43 using 15-minute charts is recommended. 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 103.48 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. On the downside, the pair has intraday support at 103.20, with resistance at 103.50. Crossing above the 103.50 level may sustain the positive trend.

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 90.52, 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 downside, 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 90.40, 90.20, and 90.00, as well as be vigilant regarding resistance levels at 90.60, 90.80, and 91.00 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 55.84, the JPY/INR currency pair displayed a bullish trend. The daily chart exhibited a long white candle pattern, closing well above the previous day's close, indicating a positive trend. Momentum indicators are signaling a positive trend. On the downside, the pair has short-term support at 55.75. If it remains above this level, further upside movement can be expected.

Intraday traders should monitor support levels at 55.75, 55.60, and 55.45, and stay vigilant about resistance levels at 55.90, 56.05, and 56.20 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.