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Forex Forecast

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Forex Forecast

The Foreign exchange market or forex market occurs wherever one foreign currency is traded for another. It is the largest market in the world with daily trading of US $1.9 billion. Individuals actually make up a very small part of this market and when they do participate they do so through a broker or other professional trader. In order to play the trading game, one must know how to forex forecast correctly. There are two major ways to do this: technical analysis and fundamental analysis.

To forex forecast using technical analysis, you must understand a variety of technical analysis tools. Such tools include the relative strength index (RSI), stochastic oscillator, moving average convergence divergence (MACD), number theories, waves, gaps, and trends. The RSI, stochastic oscillator, MACD, gaps and trends are all extremely common technical analysis tools for those trying to forecast as well as play the stock market. While these tools can be used for the stock market, they can be used equally as well in forex forecasting.

Both the RSI and stochastic oscillator measure whether a currency is overbought or under-bought. The MACD on the other hand measures whether or not a trend will continue going up or down. When using charts to forex forecast, one may notice gaps between the bars. This occurs when no trading took place and an up-gap usually represents a strong market force, while a down-gap will indicate the opposite. The trends or Trendlines indicate an upward price movement or downward price movement based on the peaks and troughs of the trendline. None of these technical analysis tools require you to do the math. There are plenty of charts services on the web that are either free or require a fee that can do these calculations for you.

Other technical analysis tools that were mentioned include number theories. The two main number theories are the Fibonacci and the Gann. The Fibonacci numbers involve adding numbers to come to a ratio of 62% that is a popular retracement number. The Gann numbers are based on the theory of W.D. Gann who during the 1950s made an extraordinary amount of money performing forex forecasting. Gann used a variety of forecasting methods in order to measure price movement and time. These are presently known as price/time equivalents. To learn more about technical analysis tools and how to use them, one can turn to the web or their local bookstore. There are plenty of sites and books whose goal it is to teach people the art of forex forecasting. Keep in mind, that forex forecasting using technical analysis is not easy and it will require a great amount of studying. When