A number of economic events are worth your attention this week. These events are important so pay close attention!
Currency strength can be attributed to the strong correlation between the pair.
The red color denotes the most strong currencies that are able to perform against other currencies. The red color denotes the weakest currencies.
Currency Strength Meter Supreme Edition - This currency strength indicator plugin is free for Admirals members. It contains 16 new indicators including the Forex correlation matrix. This allows traders to compare various currency pairs and view them in real-time.
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For example, the EURGBP/GBPUSD correlation is -91. This means that these pairs have a negative correlation. The pairs are likely to move opposite directions. Therefore, two long or two short trades on these pair would likely cancel one another.
Use the Live Currency Strong Meter to quickly compare the performance relative to other currencies. To help you visualize it better, we even colour coded it to give you an easy overview of the Forex market.
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As we approach another week, there's a few key events worth keeping an eye on. These are the usual suspects.
A currency correlation matrix serves as a Forex strength indicators. There are many advantages, such as its simplicity and usefulness as a quick indicator.
Here's the reason why the Dollar is weak. Anyone who has been observing the currency strength indicator over the last week knows that the...
You don't have to spend a lot of money to get a currency strength indicator.
This table updates continuously and compares the performance of current currencies against those at the close on the previous trading session. % shows how the currency performance has been compared with the one at this very moment.
The GBP is the quoted currency. Therefore, long trades expect that the EUR will strengthen in comparison to the GBP. In the second pair the GBP acts as the base currency. Therefore, long trades are expected to see the GBP strengthen against the USD. This means that long trades in the EURGBP are those that expect the GBP's weakness, and long trades in the GBPUSD are those that expect the GBP's strength.