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How to read an exchange rate. As mentioned, an exchange rate is expressed as a currency pair, for example, USD/GBP ? GBP is the abbreviation of British Pound Sterling. The first currency that's listed in the pair (USD) always represents one unit of that currency, meaning 1 USD.

On the Y axis, the Rate of the exchange is shown and on the X axis, the Demand and Supply of foreign exchange are shown. DD is the demand curve and SS supply curve. Both curves (demand and supply) intersect each other at point E. Thus, E is the Equilibrium point.

HLOC chart (also called a bar chart) The open price is represented by the notch to the left of the vertical line. The close price is represented by the notch to the right of the vertical line. The high price is the uppermost point of the vertical line. The low price is the lowest point of the vertical line.

The quote currency in foreign exchange is the standard used to measure the value of a base currency. That is, the value of the first currency in a currency pair is quoted against the value of the second one, which is the quote or counter currency.

To analyze forex charts pdf, you need to follow these steps: Identify the type of chart. ... Identify the time frame. ... Identify the trend. ... Identify support and resistance levels. ... Identify price patterns. ... Use technical indicators. ... Use fundamental analysis.

A variety of factors can influence these exchange rates, including the amounts of imports and exports, GDP, market expectations, and inflation. For example, if the GDP falls in one nation, that nation is likely to import less. If GDP grows, it will import more.

A forex chart graphically depicts the historical behavior, across varying time frames, of the relative price movement between currency pairs. Technical analysts and day traders will look at such charts in order to identify trends and various patterns that can signal reversals, continuations, entry points, and exits.