Forex trading in Australia is a multi-trillion dollar industry, and it’s growing all the time. The reason for this growth is that anyone with an internet connection has the opportunity to participate in the market, wherever they happen to be located in the world.
As such, there are plenty of opportunities for traders to get involved whether they’re looking to buy or sell currencies. With more than $4 trillion changing hands every day, ample trading opportunities are available, even for those who are only just getting started.
To give you an idea of how significant this figure is, if someone were to start buying up large chunks of currency on January 1st at midnight and continued doing so without stopping for 24 hours straight throughout January 1st and 2nd, they would still only manage to purchase around $160 billion worth of currency.
What is your trading strategy?
The first thing you’ll need to do is determine which currency pairs you want to trade. It will depend mainly on your trading strategy and the sort of market conditions you’re looking for. Here we’re going to look at the most popular currency pairs traded in Australia as a guide to what’s available and what it takes to get started.
Trading currencies outside Australia can be highly lucrative – especially when combined with forex au software tools that give traders access to actionable data from anywhere in the world. If you decide you want a part of this massive industry, let us take a closer look at some of the currency pairs that may be the best place to start.
The most popular currency pairs traded in Australia
It’s one of the more commonly traded currency pairs as it’s designed to give you an idea of what’s happening between the Australian and US dollars.
If you’re looking for a way to trade currencies with a little more risk, this pair might be a good bet. The British pound tends to go through periods of volatility, especially against major currencies like the Australian dollar, which means plenty of trading opportunities are available if you’re prepared to take on some extra risk.
With millions of trades made each day, one of the most common currency pairs is available. By taking part in this pair, you stand a chance of being able to get on board with some of the highest-profile trades that are happening on the market – providing you have a high enough balance.
This particular currency pair is often considered one of the most volatile of its kind, making it perfect for those looking for a quick turnaround of their investment or wanting plenty of action to keep things interesting. With a low spread and plenty of volatility, it’s not one to ignore if you’re looking for a worthwhile addition to your trading portfolio.
Another famous currency pair among active traders allows you to get involved with big moves made by both currencies in the currency pair. With a high spread to take advantage of, it’s one to consider for those just getting started in the market.
The most popular currency pairs traded in Australia.
This is an exciting currency pair to trade, especially if you’re looking for something that’s quite volatile. It’s also referred to as ‘the kiwi dollar’ because This name is often known as New Zealand Dollars.
On top of everything else, the Australian economy impacts its neighbouring economies. So if things go south in Australia, there’s always a chance this will harm currencies like the New Zealand dollar too.
In terms of sheer volume, 24-hour trading volumes for the most significant currency pairs now exceed major stock markets like New York, London and Tokyo. It makes them perfect for those looking to trade on a full-time basis as they offer plenty of opportunities to make some serious cash.
Take a look at some of the most important aspects of currency trading in Australia.