Forex Currency Source

The international Forex currency market  is the largest financial market in the world. Forex currency market is a well-known foreign international exchange market, which is available around the clock from 2 am, Monday, till 2 pm Saturday. In this market people are  trading  different currencies like Pound (GBP), Euro (EUR), U.S. Dollar (USD), Yen (JPY), Franc (CHF), Australian Dollar (AUD) and others. The total amount of foreign currency transactions during the day is several trillion dollars, that exceeds the total amount of U.S. debt and equity markets in several times. Forex is the OTC market and has no definite venue. Forex currency trading consists of banking network, companies, forex currency broker and individual investors, and combined system of information exchange. Since there is no definite location of Forex currency exchange market, this enables the market to work 24 hours/5 days a week. Forex currency exchange covers a large part of the world with the main centers of foreign exchange operations in London, Tokyo and New York.

Forex currency market has its specific elements: currency charts, quotation system, and Forex currency converter which gives a base for real-time currency converter. Forex currency pairs are the currencies that has been paired up in the process of trading. The main currency pairs are USD/EUR  and  USD/JPY. The first currency in Forex pair is called currency base, the second is the counter. Currency base  makes the basis for sales or purchases. For example, buying  EUR / USD,  you get  Euro and sell Dollars. You do so if you expect that euro will rise relatively to US dollar. It is possible to quote USD / EUR, but this method is used seldomly. Every transaction should have 2 actions - the purchase and sale or sale and purchase. This means that it is impossible to buy 100.000 EUR / USD, and after that to exchange for another Forex currency pair (EUR / JPY) not closing the first position. There are no physical manipulation with money. For this purpose, there are exchange enterprises that are engaged in conversion rates.

There are three main Forex currency charts types. They are the line charts, the bar charts, and the candlestick charts. The line chart is made of binding daily prices. The bar chart is a description of a currency pair rates, made up of vertical bars at set intraday time intervals (every 30 minutes). Each bar has 4 hooks, representing the opening, closing, high and low exchange rates for the time interval. The candlestick chart is a kind of the bar chart, but the candlestick chart shows  prices as candlesticks with a wick at each end. When the opening rate exceeds closing rate the candlestick turns black or red, in case if the closing rate exceeds the opening rate, the candlestick turns white or green.