What trading instruments and functionality can be used to analyze currency pairs in the Forex market?

Many popular trading methods use the analysis of trading volume and open interest. Unlike forex, where contracts are traded via currency brokers, currency futures are traded on exchanges that provide regulation in terms of centralized pricing and clearing. In the Forex market there is no central exchange and therefore no official volume data. For that reason many forex traders use CME market data in their analysis.


Please see below the correspondence list between CME currency futures and major forex currency pairs.


6E = EUR/USD Euro
6B = GBP/USD British pound
6J = USD/JPY Japanese Yen
6A = AUD/USD Australian Dollar
6С = USD/CAD Canadian Dollar


It is important to note, if you are analyzing indirect quotes (USD / CAD, USD / JPY), you need to consider that they are inversely proportional to the corresponding futures (6C, 6J). In simple language, if the price of an indirect currency increases, then the price for the corresponding futures goes down and vice versa.


If you are analyzing forex cross pairs (for example, GBP / JPY, GBP / NZD, etc.) you can use the Spread Chart module to build synthetic instruments that match the currency pairs you are interested in.