It's worth paying close attention to a number of important economic events this week. These events are worth your attention.
If the EURGBP or GBPUSD has a correlation of +91, it means that they have a negative relationship - these pairs are most likely to move in opposite direction, so you would probably cancel any two trades on these pairs.
As Quarter One of 2020 Comes to an End, We are now into the final hours of quarter 1.
Currency Strength Meter Supreme Edition is a free Currency Strength Meter plug-in for Admirals traders only. This package includes 16 new indicators, including a Forex correlation matrix. It allows you to compare and contrast different currency pairs in real time.
The green marks indicate the strongest currencies, while those that perform poorly against other currencies will be marked red.
Because there is such high correlation between the currencies, it is easy to assume that the GBP (the currency common between the pairs) drives these movements. Therefore, the GBP is the strongest currency.
You can use the Live Currency Strength Meter in order to view the performance of major currencies relative each other in real time. We've also colour-coded the data to make it easier for you to see the Forex market in real time.
You can try a currency strength meter without worrying about spending money on an indicator.
Here are the reasons why the dollar is weak. Anyone who has checked the currency strength meters in the last week will be able to tell that the dollar is weak.
The GBP is the quotation currency in the first pair. This means that long trades expect the EUR's strength against the GBP. The GBP is the base currency in the second pair. This means that long trades expect the GBP against the USD to strengthen. A long trade in EURGBP means that it expects that the GBP will weaken. However, a long trading in GBPUSD would expect that the GBP will strengthen.
This table changes in real time and compares currencies performance against the previous trading day. % is the percentage of currency performance that has changed compared to the closing price on the previous trading day.
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In your trading platform, you can immediately identify the strength or weakness of currencies relative to each other in real time! USD, EUR, GPB. CHF. JPY. CAD and many more - compare them all!
A currency correlation matrix is a Forex strength indicator that offers many benefits. It's simple, useful as a short-term indicator and can eliminate double exposure. You can also signal high-risk trades by using it.