Currency Market Analysis - November 21, 2023

Welcome to our comprehensive market analysis report for November 21, 2023. In this report, we present a detailed technical assessment of major currency pairs based on the closing data from November 20, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.37, surpassing the previous day's close. Momentum indicators suggest a neutral trend. The daily chart reveals a white candle, closing above the previous day's close, indicating a positive trend. On the upside, it faces short-term resistance at 83.40; if the pair surpasses this level, the short-term trend may turn positive.

For intraday traders, monitoring support levels at 83.35, 83.29, and 83.22, along with resistance levels at 83.40, 83.47, and 83.55 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 103.93 on a positive note. Momentum indicators suggest a bullish trend, and the daily chart displays a Doji candle pattern, closing above the previous day's level, indicating a positive bias. On the upper side, the pair has short-term resistance at 104; if it closes above this level, the positive momentum can continue in the coming days. Otherwise, it may consolidate below this level for a few days.

 Intraday traders should focus on immediate support levels at 103.80, 103.50, and 103.20, along with resistance levels at 104.00, 104.25, and 104.50, 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 91.06, 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 upside, short-term resistance remains at 91.35; if the pair moves above this level, further upside movement can be expected today. The next short-term resistance remains at 92.30.

 Intraday traders should pay attention to immediate support levels at 91.00, 90.80, and 90.65, as well as be vigilant regarding resistance levels at 91.15, 91.30, and 91.50 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 56.30, the JPY/INR currency pair displayed a bullish trend. The daily chart exhibited a long white candle pattern, closing above the previous day's close, indicating a positive trend. Momentum indicators are signaling a positive trend. On the upside, the pair has short-term resistance at 56.40. If it closes above this level, further upside movement can be expected.

 Intraday traders should monitor support levels at 56.20, 56.00, and 55.80, and stay vigilant about resistance levels at 56.40, 56.60, and 56.80 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.