Currency Converter Eur Usd Live Chart
There are six major currency pairs which are listed as follows; AUD/USD (Australian Dollar V's United States Dollar), EUR/USD (Euro V's United States Dollar), GBP/USD (Great British Pound V's United States Dollar), USD/CAD (United States Dollar V's Canadian Dollar), USD/CHF (United States Dollar V's Swiss Franc) and USD/JPY (United States Dollar V's Japanese Yen). These are the currency pairs most traded and each has different levels of volatility. The best currency pair to trade is really down to experience and personal preference. In this article I am going to give an insight into the first three trading pairs and points to be aware of. Currency Converter Eur Usd Live Chart
You will notice that all of the above currency pairs are traded against the United States Dollar therefore the first three currency pairs, which have the USD second in the pair, will tend to move in the opposite direction from the last three pairs, which have the USD in the first of the pairs. When using charts to trade forex it is best to have the first three charts above the last three making a block of six charts 3 x 2. In this set up you will notice the AUD/USD falling directly above the USD/CAD, showing a slight mirroring effect happening with these two charts. Caution should be taken when one or the other charts are approaching support or resistance levels as it may have an effect on each other. The AUD/USD currency pair is not the most volatile but it does have its moments especially when the Sydney market is open around 2:00 am GMT. There are some good solid profits to be had from this currency at that time. Currency Converter Eur Usd Live Chart
The Euro is a nice currency to trade against the USD; it is quite volatile and does see moves in excess of 100 pips in a day. Again this chart will fall above the USD/CHF chart and has an almost exact mirroring effect, so much so that trading this currency pair is almost impossible without assessing the Swiss Franc at the same time. This is a good currency pair today trade and has good volatility with European news alerts.
The GBP/USD is the most volatile of the six currency pairs and should be traded with caution. Although this currency is the most profitable and has seen moves of over 1000 pips it can have extremely violent swings and is well known for taking out stop losses on a regular basis. To trade this currency takes some experience and talent when it comes to manipulating your stop loss. This is a brilliant currency and great fun to trade on the first Friday of every month when the United States releases, its' nonfarm employment data.
I didn't want to mention the other three currency pairs in this article but I will say that if you are just starting out forex trading I would consider trading the USD/JPY to build up some confidence. It is a slow moving currency pair but fairly stable in its trending. Like any currency it does have its day and can still be very profitable. Currency Converter Eur Usd Live Chart