Forex trading, also known as foreign exchange trading or currency trading, is a global market that operates 24 hours a day, 5 days a week. This means that forex traders can trade currencies at any time during these days, including weekends. However, there are certain times when forex trading opens on Sunday in Australia, and this article will explain when this occurs.
Forex trading opens on Sunday in Australia at 5 pm EST (Eastern Standard Time), which is equivalent to 7 pm AEST (Australian Eastern Standard Time). This is because the forex market is divided into different time zones, with each zone starting and ending at different times. The forex market operates in four major time zones – Sydney, Tokyo, London, and New York.
The Sydney session starts at 10 pm GMT (Greenwich Mean Time) on Sunday and ends at 7 am GMT on Monday. This session is the first to open in the forex market and is considered the least volatile of all four sessions. This is because there is very little economic news released during this time, and most of the major trading centers are closed.
The Tokyo session starts at midnight GMT and ends at 9 am GMT. This session is known for its high volatility, which makes it a popular time for traders who like to trade the Asian currencies such as the Japanese yen, Australian dollar, and New Zealand dollar.
The London session starts at 8 am GMT and ends at 5 pm GMT. This session is the most active and volatile of all four sessions, as it overlaps with the other two major sessions – Tokyo and New York. This session is also considered the most important session for forex traders, as most of the major currency pairs are traded during this time.
The New York session starts at 1 pm GMT and ends at 10 pm GMT. This session is also highly volatile, as it overlaps with the London session. This session is popular for traders who like to trade the US dollar, as most of the economic news releases from the US are released during this time.
In Australia, the forex trading hours are influenced by the Sydney session, which is the first to open on Sunday. This means that forex trading opens on Sunday in Australia at 5 pm EST, which is equivalent to 7 pm AEST. However, it is important to note that not all forex brokers offer trading during the weekend, so traders should check with their broker to confirm their trading hours.
In conclusion, forex trading opens on Sunday in Australia at 5 pm EST (7 pm AEST) due to the opening of the Sydney session. The forex market operates 24 hours a day, 5 days a week, with each session starting and ending at different times. Traders should always check with their broker to confirm their trading hours, as not all brokers offer trading during the weekends.
