Topic Candlestick Charting For Forex Success
253 postsWed 28th Mar 2018 - 2:05pm
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The term forex is an abbreviation for foreign exchange and refers to the commercial activity in which currencies are bought and sold for profit. The methodology of forex trade deems that the currencies of various countries should be traded in pairs and this pair in which the two currencies are traded against each other is known as a forex pair.
The forex market features seven major currencies namely the US Dollar, the Euro, the Japanese Yen, the Swiss Franc, the Canadian Dollar, the Australian Dollar and the British Pound. The rest of the currencies are designated as minor currencies and include the New Zealand Dollar as well as the South African Rand. Therefore most of the trade in the forex market revolves around the seven major currencies with the US Dollar as well as the Euro being the most important and a forex pair involving these currencies can be expressed as EUR/USD.
In this fraction of the forex pair, the numerator is referred to as the base currency where as the denominator is referred to as the counter currency. The other terms used for the base currency are domestic currency, primary currency or accounting currency and similarly the quote currency is also referred to as the counter currency. A normal forex trade involves the buying of the base currency and the selling of the counter currency but if a forex trader does the opposite, then he is referred to as going short on the trade. Hence, if one comes across a forex quotation like USD/JPY = 1.8, then it should be interpreted as buying of one unit of USD and simultaneously selling 1.8 units of JPY. Almost all the currency trade involves the USD as one of the pair and the forex pair which is exceptional to this rule is referred to as the cross currency.
1 postsTue 17th Apr 2018 - 9:01am
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