Forex Live View – To be a successful forex trader, you need to learn how to read forex charts. If you have downloaded the popular MetaTrader platform on your device, you can instantly access real-time Forex charts. There are also several online sources that offer free live Forex charts on demand, including: All currency pairs are presented with their respective three-letter codes, like the most popular major pair of the euro and the US dollar – EUR/USD.
The International Organization for Standardization (ISO) is responsible for assigning a three-letter code or symbol to each recognized world currency. The first two letters of the code usually represent the two letters of the ISO country codes. They are also used as the basis for top-level domains for country codes on the Internet, the third being usually the seed of the corresponding currency.
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Currency pairs are divided into major, minor and exotic. In the following article, you will learn about these rankings, how to access free live charts of your chosen pair, where to find more information about each currency pair, and finally, the basics of reading Forex live charts. Major Currency Pairs Major currency pairs include the US dollar against each of the other major world currencies: EUR, GBP, JPY, CAD, AUD, NZD and CHF (Swiss Franc). More than 50% of the daily Forex business is in the US dollar, and the EUR/USD pair accounts for 30% of the daily turnover.
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AUD, NZD and CAD are commodity currencies as each country’s economy is heavily dependent on export trade. JPY is also considered a commodity currency because Japan has to import almost all of its raw materials. The liquidity of these pairs is usually high, but the Bid/Ask spreads can vary somewhat.
Below you can find explanations of the main currency pairs in the forex market, as well as links to free forex charts and detailed guides:
Minor Currency Pairs Minor currency pairs are major currency pairs without the US dollar. These pairs are also sometimes called crossed pairs, but the market liquidity of these pairs is noticeably lower, as the volume of trading is much lower than that of the major pairs.
Lists of minor currency pairs often include only the JPY, GBP or EUR pairs, but globalization and its impact on international trade has broadened this definition.
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A list of popular minor forex currency pairs, as well as links to live forex charts and more detailed information can be found below:
Exotic Currency Pairs All other potential currency pairs fall under the exotic classification and are known as exotic currency pairs. These pairs are usually traded infrequently and have a wide Bid/Ask spread, if provided by the market maker. The best known come from commodity-rich developing countries, where banking infrastructure is weak and political and economic stability is always in question.
Below is a list of popular exotic forex currency pairs, as well as links to live forex charts and more detailed information:
How to Read Forex Charts In order to trade Forex currency pairs effectively, traders must first learn how to read Forex charts effectively. These charts are a graphical representation of the previous and current price behavior of the selected pair. The vertical axis on the right of the graph represents the exchange rate, and the horizontal axis represents time. You can adjust the time period as you like. Popular time periods: daily, hourly, 4 hours, 15 minutes and even weekly.
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For example, let’s take the small pair of the Canadian dollar and the Japanese yen, called CAD/JPY. The first currency listed, CAD in this example, is always called the “base” currency, and the second three-letter code, in this case JPY, is known as the “counter currency.” The price on the right axis shows the amount of counter that can be purchased with one unit of base currency. An example forex chart of the CAD/JPY pair provided by eToro is below:
There are three ways to display price information on a live forex chart. For a given time period, it is important to know the opening price, closing price and high and low for the period. One method of representing this data involves a “candlestick” as shown in the chart above, where the “bar” represents the open and close values and the “wicks” represent the high and low. A green candle indicates that prices have risen during the period, and a red candle indicates a decline.
The second type is the HLOC or histogram. An indented line is used for opening and closing values. Finally, there is a standard line chart that plots the closing prices for the period covered by the chart. This chart is useful for viewing long-term trends, sometimes the area below the line is shaded, sometimes called a mountain chart.
Learning how to read real-time Forex charts is essential to success in trading major, minor or exotic currency pairs. The entire field of technical analysis is built around these charts, including the use of special indicators, pattern recognition, and establishing support and resistance levels. For more information on this technical area, read our free guide to technical analysis. Trade with the best Forex brokers
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Cookies that are not specifically necessary for the website to function and are specifically used to collect user personal data through analytics, ads and other embedded content are called non-necessary cookies. You must obtain user consent before running these cookies on your website. TradingView is a popular trading platform that provides Forex traders with access to real-time financial data and market information. With advanced charts and extensive analysis tools, traders have everything they need to make informed decisions about their investments. But not all trading platforms are created equal: here are TradingView’s four best forex brokers in 2023.
Pepperstone is an Australian Forex broker, known as one of TradingView’s top brokers, offering direct access to global markets without requotes or rejections. It is also equipped with sophisticated technology such as Smart Trader Tools, which allows users to create their own indicators without any programming skills. Pepperstone offers access to more than 80 currency pairs, as well as mobile apps for iOS and Android, so you can stay up-to-date with market conditions anytime, anywhere.
In terms of fees, Pepperstone charges a spread of 0.0 to 0.30 pips per transaction depending on the account type you choose (Standard or Razor). There are also no deposit fees or fees, although there may be a withdrawal fee depending on the payment method you choose.
The overall trading experience with Pepperstone is excellent with many advanced features including one-click trading and price alerts. In particular, the charting package is incredibly powerful with a wide range of indicators available. This is ideal for even the most experienced traders who need detailed information about their investments.
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In terms of customer support, Pepperstone offers 24/7 online support via email and phone, as well as live chat during certain hours of the day. The team is knowledgeable and ready to answer any questions you may have about the platform or your investments.
Overall, Pepperstone is a good choice for those looking for a reliable and powerful TradingView forex broker. It has useful features that make trading easier and provide full customer support when needed. With competitive extension rates, low commissions and helpful online support, it should be at the top of your list.
This online broker offers access to global markets, including over 2,000 instruments such as currencies, stocks, commodities and more. As one of the most popular forex brokers
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