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Assume that Michael has AUD$1,500 to invest in the forex market. He opens a margin account with a forex broker with a leverage ratio of 1:100. This means that he can borrow up to 100 times the initial AUD$1,500 he deposited in his account, doubling his potential profit by one hundred times. After securing his broker's approval, Michael then purchases EUREUR120,000 for AUD$1,500.
The value of the Australian dollar is currently worth about 73 US cents for every US dollar. In forex trading, this currency can appreciate in value in relation to the US dollar and result in a net profit for the investor. In order to gain profits, you must know the bid and ask prices for the currency pair. The bid is the price that you need to buy the quoted currency and the ask is the price at which you want to sell it.
The AUD/USD currency pair is one of the most popular currency pairs in forex trading. AUD/USD is the pair that represents the amount of US dollars you need to buy one Australian dollar. During the Asian trading session, the volatility is particularly high, encouraging traders to make a profit on this currency pair. This pair is traded globally and is linked to the price of commodities and market risk sentiment. With the right strategy, you can take advantage of the low spreads and maximize your profits!
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