forex choose a currency pair
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Xe Currency Converter. These are the highest points the exchange rate has been at in the last 30 and day periods. These are the lowest points the exchange rate has been at in the last 30 and day periods. These are the average exchange rates of these two currencies for the last 30 and 90 days.

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Forex choose a currency pair

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Economic data relating to currency pairs, such as interest rates and economic growth or gross domestic product GDP , affect the prices of a trading pair. A widely traded currency pair is the euro against the U. In fact, it is the most liquid currency pair in the world because it is the most heavily traded. This means that 1 euro can be exchanged for 1. There are as many currency pairs as there are currencies in the world.

The total number of currency pairs that exist changes as currencies come and go. All currency pairs are categorized according to the volume that is traded on a daily basis for a pair. The currencies that trade the most volume against the U. The final two currency pairs are known as commodity currencies because both Canada and Australia are rich in commodities and both countries are affected by their prices.

The major currency pairs tend to have the most liquid markets and trade 24 hours a day Monday through Thursday. The currency markets open on Sunday night and close on Friday at 5 p. Eastern time. Currency pairs that are not associated with the U.

These pairs have slightly wider spreads and are not as liquid as the majors, but they are sufficiently liquid markets nonetheless. The crosses that trade the most volume are among the currency pairs in which the individual currencies are also majors. Exotic currency pairs include currencies of emerging markets. These pairs are not as liquid, and the spreads are much wider. Bank for International Settlements. Accessed Feb. Your Money. Personal Finance. Your Practice.

Popular Courses. Table of Contents Expand. Table of Contents. What Is a Currency Pair? Understanding Currency Pairs. Major Currency Pairs. Minors and Exotic Pairs. Part of. Part Of. Basic Forex Overview. Key Forex Concepts. Currency Markets. Advanced Forex Trading Strategies and Concepts. Key Takeaways A currency pair is a price quote of the exchange rate for two different currencies traded in FX markets.

When an order is placed for a currency pair, the first listed currency or base currency is bought while the second listed currency in a currency pair or quote currency is sold. Do you want consistent cashflow right now? Our trading coach just doubled an account with this crashing market strategy!

Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page. When you trade it is important to make your money work for you, As Kevin O'Leary says There are three main things to consider when choosing your pair in the Forex market.

Step one: Identify the Trend The first thing you must do when choosing which pair to trade is to identify the trend. Step two: Pairing your Trend with the Trading Strategy The next step to finding the right pair to trade is to make sure that those pairs fit the strategy you intend to trade. Thank you for reading!

Also, please give this strategy a 5 star if you enjoyed it! Author at Trading Strategy Guides Website. Sbusiso Charles says:. March 18, at am. TradingStrategyGuides says:. March 22, at pm. Emmanuel says:. March 3, at am. March 29, at pm. Search Our Site Search for:. Close this module How to make money in a crashing market. Learn our crashing market strategy! Close this module. Hey, wait! Don't forget to grab our price action cheat sheet! Email Enter email address. Close dialog.

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3 Steps to Choosing Best Currency Pairs to Trade in Forex 👍

There are four major currency pairs in forex: EUR/USD (euro/U.S. dollar), USD/JPY (U.S. dollar/Japanese yen), GBP/USD (British pound/U.S. dollar), and USD/CHF (U.S. dollar/Swiss franc). The largest major pair—in fact, the single most liquid financial instrument in the world—is the EUR/USD. I advise beginners to start with major pairs. Depending on your trading style, focus on one pair, or trade several. Three important criteria –. A good rule of thumb for traders new to the market is to focus on one or two currency pairs. Generally, traders will choose to trade the EUR/USD or USD/JPY.