Do you want to know the famous currency pairs supported by South Africa’s brokers? If yes, then this article can prove helpful.
We know that forex trading is not a piece of cake. It demands a lot of hard and consistent efforts. If you want to become successful in it, then it is of great significance to gather authentic data about it and try to do practice and master forex trading skills. Let’s delve into the article to know more details.
Factors that can affect the Currency Pair
We know that forex trading is ever-changing. There are a lot of factors that can have an influential effect on the currency pair. So, here we want to share them with you.
- Trading Objectives
Some top currency pairs in the world
In this section, we are going to talk about some of the top forex pairs that are regarded as the ‘Majors’. They are immensely popular among investors owing to their features such as reliability, less spread and volumes.
This currency pair is the most traded throughout the world and is named fibre. The majority of banks, financial institutions and retail traders prefer this currency pair due to some prestigious features such as reasonable volatility and highest liquidity. In addition, it is supported by a strong economic system.
The next pair we are going to discuss is the Gopher or USD/PY. It is popular due to the stable trends over a long span. Additionally, it has low spreads along with extremely predictable trends that are not common in other currencies.
The Aussie AUD/USD
This pair is regarded as an exotic combination because one currency in this pair is a developing country. Beginner traders should avoid going for this currency pair because it has high volatility and low liquidity. Furthermore, it has low spreads and some risks associated with it as well.
The Loonie: USD/CAD
The predictability is high in this pair; therefore, we can say that it is the ideal choice for people who are beginners. In addition, this currency pair has the lowest volatility. If you want to get the maximum profit, then it is crucial to keep an eye on the influential factors that are the economic crisis and recession. Such factors can play a major role in the value of currencies.
Thus the currency pair is named Cable as well. It is one of the best currency pairs for beginners. It has high volatility as compared to fibre.
This currency pair is named the swissy. Commonly, this currency pair is compared with the GBP/USD and EUR/GBP but negatively.
To sum up the article( trading forex in South Africa), we would like to say that forex pairs play a crucial role in forex trading. Therefore it is extremely significant to have plenty of information about it. In this article, we have tried our best to cover up all the major currency pairs. If you have any queries, please ask in the comments section.