Live foreign exchange charts will serve those who follow the trends of specific currency pairs, whether you are attempting to spot a direction to trade forex or trying to find an opportune moment to send money abroad or purchase travel money.Â
How to read a live Forex Chart
All live forex charts have ‘time’ that runs along the horizontal x-axis, and ‘price’ runs along the y-axis, allowing you to view historical pricing on the left and current pricing to the right-hand side. The candlestick live currency charts will enable you to see more detailed fluctuations and pricing over a shorter period. If you wish to change the live forex graph to a different current pair, this can be changed by changing the currency pair in the right-hand corner of the currency chart.
Line graph - Live Forex Chart
Line forex charts can demonstrate an overall trend in the particular currency pair. This live forex chart allow you to see trends of a number of currency pairs. You can also select the time frame of the pair from 1 day to the complete trading history of the currency pair.
Candlesticks - Live Forex Chart
The Candlesticks live forex chart features a series of green and red bars which are commonly known as candlesticks. Green indicates an appreciating currency pair, red a currency pair which has lost value. When observing a daily candlestick forex chart, an appreciating currency will be coloured in green as it has appreciated during the trading day. A red candlestick will depict a loss and therefore the currency pair has closed lower than the opening trading rate on the live forex graphs.
Using a live Forex Chart to trade FX effectively
A live forex chart can provide a complete image of a currency pairs market movement. This movement over time can allow an FX trader to unearth trading patterns and trends and respond by placing trading positions within the FX market. Other trading tools used to trade forex proficiently include the economic calendar and live forex rate boards.Â
Interbank Rates on Live Currency ChartsÂ
Our live forex charts highlight pricing linked to the interbank FX rate when trading FX or converting currencies. A margin or spread will be added to the interbank rate shown on a live forex chart.
Best Live Forex Charts
The best live foreign exchange charts can be sourced on platforms such as FXCM and VantageFX. FX platforms supply up to the minute charts with only a slight delay, meaning FX trading opportunities can be swooped upon promptly.Â
Buying or Selling with a Forex Chart
The upward motion on a live currency chart signifies the market’s appetite, too buy the particular currency. A downward trend highlights the market is selling off that particular currency. The process whereby an individual or institution bets that a specific currency will fall in price is called shorting.Â
Other things that move Live Foreign Exchange Charts
The forex market is the largest in the world. Forex rates move continuously due to a host of events and data, all of which play a part in driving the market. Key movers of the forex market are central banks policies, economic data and political policy or government uncertainty. Countries that have unstable political landscapes will almost certainly have volatile currencies.Â