What are the benefits of Forex trading with the top 10 Forex currencies? The main advantages are these currency pairs have good liquidity and volume, making it easier and potentially quicker to make money from trading Forex.

They have price stability and a level of predictability. Most of the top 10 Forex currency pairs trend for long periods, making it easier for traders to enter the Forex market with the trend pullbacks. Which currency pair is most profitable in Forex, and what makes the best currency pairs for beginners? All currency pairs can be profitable, depending on liquidity and volume plus the Forex trader's skill.

In the list of best Forex currencies to trade, there is a mix of currency pairs suitable for all levels of traders, and we explain why they are the best Forex pairs to trade. The guide makes it clear which currency pairs are best for trading Forex. Some of the top 10 Forex currencies to trade are popular with beginners, and others maybe not so much. Forex beginners scour the market looking for a trade, but this is the wrong approach.

Becoming familiar with one or two currency pairs teaches you exactly how that pair reacts in the market. You recognise what happens to price action after economic news announcements, and you can spot emerging patterns on the charts. Each Forex currency pair has a unique personality. Some currency pairs may correlate, but each has differences. This guide takes a close look at the top 10 currency pairs to trade in That doesn't mean you trade all ten currency pairs.

If several currency pairs correlate and you open trades, you are, in effect, significantly increasing your risk. If the price goes against you for one currency pair, it goes against you for the others, meaning you may lose all trades.

We look at how each Forex currency pair moves and open up the charts to assess current price action and analyse emerging high-probability trades. As a bonus, we point out potential setups for each currency pair in the top 10 Forex currency pairs to trade, setups for Forex trades that you can take right now.

By the end of the article, you will make a preference for one or two currency pairs you like and potentially have a couple of Forex setups to watch.

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The majors are popular with Forex traders because liquidity and volume are good. You may notice that all the pairs include the US dollar , the currency most used for global trading and the other countries also have considerable financial power. These factors create liquidity and volume every trading day.

The minor currency pairs don't include the dollar but other global currencies like the Euro and Japanese Yen. The minor currencies are Japanese crosses, Euro crosses and Pound Sterling crosses. The Exotic currency pairs have poor liquidity and volatility and are from emerging economic nations like Brazil.

The exotics include a major currency such as the US dollar. Due to the lack of liquidity, we won't be featuring the exotics in the top 10 Forex currency pairs to trade. You should consider whether you can afford to take the high risk of losing your money. Down to the nitty-gritty, the following section looks at each Forex currency pair in the top 10 list of the best currency pairs to trade.

The list is in alphabetical order. These Forex currency pairs can help you find good trades and become a profitable Forex trader. The 50 EMA blue line - Experiential moving average crossed over the EMA red line , indicating a possible move to the downside. Either of these setups is a high probability, especially on the daily chart. When either of the above scenarios occurs, move down to the 1-hour or 4-hour chart for a precision entry.

The Australian dollar is affected by commodity prices, and Australia has an active trading relationship with China. With the ongoing Brexit debacle and Covid pandemic, this currency pair displays vast uncertainty. The enormous price spikes are undoubtedly economic news causing a crazier than usual reaction from the market. Why have we added this currency pair to the top 10 currency pairs to trade? But, it is great to add it here because it's a fabulous example of when NOT to trade.

Read Also: Top Chart Patterns Every Trader Should Understand. Recognise the difference between a stable market and an unstable market for trading Forex currency pairs. It broke a strong resistance zone in April red horizontal line and was bullish until June It landed on another support zone which coincided with the EMA Red wiggly line. Oil prices influence the Canadian dollar, so it's worth checking the charts for oil to see if the prices are bearish or bullish.

The Euro and the US dollar are transparent currencies. Price action is easier to read with technical analysis. These are the areas on the charts where Forex traders sit up and take notice, waiting for a break of or retest of support or resistance. The 50 EMA and EMA have crossed over. When we mention support and resistance zones, these are not typically one specific price.

A price zone is a little flexible but centred around the reaction price. Avoid trading at these times. The current resistance zone is holding for several days, but price action is weak, indicating uncertainty in the market. Japanese central banks monitor the Yen closely. If the Japanese Yen gains strength, the banks intervene because currency prices significantly impact international trade costs and profits. There's not much to play with on this chart.

The price could return to support and continue in the range. The pound and the US dollar are reactive to global economic news. You can, however, trade the pip range as long as you remain alert for a breakout. On the chart, one thing is happening of note. The 50 EMA and the EMA are squeezing together.

The price is trying to stay above, which would cause an EMA crossover. On the daily chart, such a crossover can indicate a change of direction.

These aren't the greatest high-probability setups. When browsing the best currency pairs to trade, aim to find a currency pair with the highest probability. There's no reason to settle for second best if you want to profit from trading Forex. At the end of July, the price broke the ascending channel with a couple of bearish candles. The price retested the channel but has moved sideways since then.

This current price action could be a significant pullback from the downward trend. The gap between the 50 EMA and EMA is narrowing, with the price stuck in the middle. Liquidity is good, and the pair is easy to read for technical analysis. The chart shows an ascending trendline, and the price is currently at the last high and a previous resistance zone look left to see where the price reversed before.

The 50 EMA and EMA are compressed, showing a level of uncertainty. The pair has trended upwards since January The price pushed above resistance but, within a few days, returned to break the zone. Now, an interesting setup is forming for a high probability trade. What makes these currency pairs best to trade is liquidity and volume.

But wait for price patterns forming on the charts before taking a Forex trade for a profit. The price stability of currency pairs is essential.

If you look at a chart and trade potential isn't immediately apparent, move on to another chart. Pick any of the top 10 popular Forex currency charts, and you will find a trade ready or almost ready to enter the market.

But it really doesn't need to be that way. If you stick with these top 10 Forex currency pairs, you can become a successful Forex trader. Just like the best time to trade Forex within certain hours, there are certain best days to trade Forex as well! This day chart has been provided by Babypips. In forex, crosses are defined as currency pairs that do not have the USD as part of the pairing.

What is the Easiest Currency Pair to Trade? It is the best choice not only among beginners but also for professional traders. This is one of the most traded currency pairs due to tight spreads and liquidity. Remember, you are ALWAYS buying one currency and selling another when you make a transaction or a trade in Forex. It is associated with low spreads, and you can usually follow a smooth trend in comparison with other pairs.

Now, the tricky thing about Forex can be understanding the order that the pairs are listed in. There is always an international code that specifies the setup of Forex pairs. For example, a quote of EURUSD 1. Skip to content. Table of Contents 1 Which currency is best for forex trading today? READ ALSO: Is it normal to have blurry vision after passing out? READ ALSO: Could a child with B type blood be produced when one parent is AB and the other is a?

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Benzinga readers love FOREX. com for all their trading needs! Forex currency pairs trading is the process of exchanging one currency for another or the conversion of one currency into another currency.

Unlike stock trading, the forex market is open for the majority of the business week due to differences in time zones. This can make effective trading a more viable option for those who work during the standard exchange hours of a. How can you get started forex trading, and which currencies are worth converting?

Now you understand a bit more about forex, you'll have to figure out what forex pairs you want to trade. This list is based on historical performance and popularity. The euro is a stable currency that represents the European Union and is the official currency of 19 of the 28 members of the European Union. Countries that use the euro include Austria, Belgium, Cyprus, Estonia, France, Finland, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

For example, when the European Central Bank intervenes in market activities to strengthen the euro, you can expect the cross of the dollar to the euro to decline. The yen lost a large amount of its value following the conclusion of World War II but has slowly begun to stabilize after reaching a low following the oil crisis. The yen is now commonly held as a reserve currency behind the USD, the euro, and the GBP. This means that the value of yen sees a number of daily fluctuations, but the central banks of Japan frequently buy and sell the currency en masse to keep exchange rates under control.

The Japanese government places a high premium on keeping the value of the yen low to cultivate a competitive export market. The value of the Canadian dollar is also heavily correlated with commodity prices. In , oil prices fell to prices not seen in over a decade, and the Canadian dollar also suffered, slumping to an exchange rate of 1. If you want to exchange USD for CAD, carefully monitor the price of oil to determine the ideal time to buy.

The British pound sterling GBP is the official currency of the United Kingdom, used throughout England, Scotland and Wales. Despite the fact that the United Kingdom was an official part of the European Union until the summer of , the United Kingdom never switched over to the euro like most countries in Western Europe. The GBP is the 3rd most-traded currency , trailing behind the USD and the EUR. Two major events that have significantly influenced the price of the GBP in the last decade.

During the years through , the price of GBP wildly fluctuated due to the worldwide influence of the Great Recession. In , the GBP reached an all-time high trading at £2. Though the pound would recover in the coming years, it would eventually even out to around £1. The 2nd major influence on the price of GBP was Brexit , the name given to the vote that would separate Britain from the European Union.

The Swiss Franc CHF is the official currency of Switzerland. Investors who invest in CHF do so most to protect their assets in times of turbulence. This means that in times of volatility, the CHF will usually appreciate when other currencies lose value.

On the opposite end of the spectrum, the CHF will often lose value when other currencies are appreciating. During the Great Recession, CHF appreciated against all other currencies except the JPY. CHF and to a lesser extent JPY are 2 of the most popularly traded safe-haven currencies in the world thanks to their low volatility in times of major market movements. The Australian dollar AUD is the official currency of Australia and the 6th most commonly-traded currency pair.

The value of the AUD is closely associated with CAD thanks to the interdependent relationship that the economies of Australia and Canada share. AUD is also intrinsically correlated with the commodities market, as Australia remains 1 of the largest exporters of coal and iron ore in the world.

During the commodity slump of , AUD reached a low point not seen since the s. Trading forex with a reputable broker is of the utmost importance when it comes to the forex market. Check out this list of top broker options to trade forex currency pairs.

Claim Exclusive Offers. CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines. Each individual currency largely depends upon its interactions with other countries and the exports it produces.

Read the news , check current events and consider events impact governments around the world, investor sentiment and currency prices. Learn what makes countr ies unique in order to predict which currencies will rise and fall in value based on current economic or political climates. Meet other traders, research online and travel to understand the world. D iversify your investments and become a more worldly person in the process.

Forex traders used to make educated guesses about how a currency value will change by observing historical fluctuation patterns. Nearly all charts have personalized setting options to allow you to view a variety of technical indicators like price and volume in order to analyze price movements.

The 3 most commonly used forex charts are bar charts , line charts and candlestick charts. Related content: WHAT MAKES THE FOREX MARKET MOVE? com , registered with the Commodity Futures Trading Commission CFTC , lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. Learn more about FOREX. My Account. Benzinga Plus.

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During the Great Recession, CHF appreciated against all other currencies except the JPY. Price Target. Press Releases All Press Releases Business Wire PR Newswire Globe Newswire Accesswire. See all ideas. Williamforex Premium.

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