Best Technical Analysis for Forex Trading 2023

For this list, we tested several brokers offering technical analysis for forex trading.

For this article, we opened real accounts with deposits between $4,000 and $8,000, then placed real trades in each market to get the full picture of spreads and conditions. We also reached out to customer support to solve the issues we have faced while depositing or withdrawing the funds.

We picked the best brokers with technical analysis for forex trading based on our trading data and experience as a trader.

What is Technical Analysis in Forex Trading?

Knowing the best time to buy, sell, or wait on trading can be game-changing. In order for your investment strategy and trades to go as planned, you have to thoroughly analyze the market. There are two main techniques how you can forecast the potential price movement of currency pairs – fundamental analysis and technical analysis.

• Fundamental analysis – a method of measuring securities’ value by analyzing factors that may somehow affect the price movements like overall economic, financial, and industrial conditions.
• Technical analysis – a way of predicting price movements by scrutinizing and evaluating past market data like price and volume.

Technical analysis is an umbrella term describing a variety of strategies, tools, and techniques for interpreting price actions in the stock market. The fundamental tenet of technical analysis is that the market price replicates the data that impacts that market; therefore, unlike fundamental analysis, technical analysis focuses solely on the security’s trading history rather than external factors such as the economy or political news. It can be applied to any security with historical data, it is far more prevalent in forex and commodities markets where traders mostly focus on short-term price volatility.

Technicians track the price change of assets on a day-to-day or week-to-week basis. The information is compiled into graphs called charts that show how prices have changed from one period of time up until now as well as what may happen in coming periods. To find out more read the article on Wikipedia.

The majority of trading platforms offer free forex technical analysis charts; however, some of the charts require additional charge in order to access their advanced features.

Types of Technical Analysis in Forex

There are two major types of technical analysis traders use for price evaluation: chart patterns and technical indicators.

• Chart patterns are forms of analysis used by traders to identify the areas of support and resistance by looking at certain chart patterns such as head and shoulders, double top, or double bottom.
• Technical indicators are statistical forms of analysis where traders employ different mathematical formulas; the most popular indicators are moving averages.

Here are some of the most common tools for technical analysis for forex trading:

Trend Indicators	Candlestick Patterns	Chart Patterns
🆙 On-Balance Volume	📉Three Line Strike	📊 Head and Shoulders
↕️ Accumulation/Distribution Line	🔎 Two Black Gapping	📈 Double Top
🌀 Fibonacci Retracements	🔨 Inverted Hammer	📉 Double Bottom
⚙️ Bollinger Bands	↘️ Spinning Top White	⛾ Cup and Handle
📂 MACD	↪️ Three Black Crows	🚩 Pennant or Flags
⏱️ Relative Strength Index	🛎️ Abandoned Baby	🔀 Wedges
🗠 Stochastic Oscillator	🌟 Evening Star	📌 Rounding Bottom

Best Brokers with Technical Analysis

To come up with this list, we have searched and tested several brokers with technical analysis for forex trading. We have opened live accounts and deposited real money. Then, we placed real trades to see each broker’s offerings.

• FxPro – Best overall broker with technical analysis for forex trading
• IG Markets – Best forex broker with technical analysis for beginners
• Interactive Brokers – Best trading platform with technical analysis for forex trading
• Pepperstone – Best low spread forex broker with technical analysis for forex

Best Broker with Technical Analysis Overall

We chose FxPro as the best broker overall with technical analysis for forex traders.

Founded in 2006, FxPro is a UK-based CFD and spread betting provider. It has an extensive array of offerings from CFD to spread betting across all major class assets, although their availability is subject to regional regulations. FxPro offers its clients an all-inclusive cTrader trading platform with comprehensive technical analysis tools.

Best Broker with Forex Technical Analysis for Beginners

We picked IG as the best forex broker with technical analysis for beginners.

Founded in 1974, IG Group is a CFD provider with 178,000 clients across 5 continents who offer access to an extensive range of offerings that spans multiple asset classes. The competitive spreads make it the best fit for beginner traders. both trading as well research instruments are available through the “IG Academy” educational portal which offers tutorials on how beginners can build up that essential know-how needed when progressing into more sophisticated strategies.

Best Trading Platform for Technical Analysis

We chose Interactive Brokers as the best broker with technical analysis for forex traders.

Founded in 1993, Interactive Brokers is a world-leading broker that offers the largest range of financial products, including options and futures on 135 markets from one integrated account. IB technical analysis for forex offers real-time charting tools and market scanners that process data in order to quickly react to any market change. These charts and scanners, underpinned with over 100 technical indicators, identify trading opportunities in the stock market, making IB platform the best technical analysis trading software.

IB platform offers a demo account to help traders learn how the platform works and to test different trading scenarios; it also enables you to attach a third-party analytics provider to your IB account.

Best Low Spread Forex Broker with good Technical Analysis

We chose Pepperstone as the best low spread broker with technical analysis for forex traders.

Founded in 2010, Pepperstone is a well-regulated global forex and CFD provider with more than 1,000 markets available for trading. Our test showed that Pepperstone’s spreads are below the industry benchmark with 1 pip for indices, 0.9 for stocks, and 1.6 for commodities.

Pepperstone offers its clients multiple technical analysis for forex such as cTrader, MT4, and MT5.

Best Brokers for Technical Analysis Trading List

Apart from the above-mentioned list of best brokers, here’s a full list of brokers offering technical analysis for forex trading.

Forex Brokers	Our test details	Broker Review
FxPro	Deposit Amount: Over €5,000 Total Trade: 15 trades	FxPro Review
Pepperstone	Deposit Amount: Over €6,000 Total Trade: 12 trades	Pepperstone Review
Tickmill	Deposit Amount: Over $8,000 Total Trade: 12 trades	Tickmill Review
Blackbull Markets	Deposit Amount: Over €4,000 Total Trade: 12 trades	BlackBull Markets Review
ActivTrades	Deposit Amount: Over €5,000 Total Trade: 12 trades	ActivTrades Review
XM	Deposit Amount: Over €5,000 Total Trade: 12 trades	XM Review
FXM	Deposit Amount: Over €6,000 Total Trade: 12 trades	FXTM Review
IC Markets	Deposit Amount: Over €5,000 Total Trade: 12 trades	IC Markets Review
Vantage FX	Deposit Amount: Over €5,000 Total Trade: 15 trades	Vantage FX Review
INFINOX	Deposit Amount: Over €4,000 Total Trade: 9 trades	INFINOX Review

FAQ and More on Online Technical Analysis

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to forex brokers with algorithmic trading.

Day Trading Technical Analysis

Day trading is a speculative strategy of purchasing and selling financial instruments within the same day. Day traders utilize technical analysis to identify the best price in the market, especially for such strategies as trend trading, scalping, and price action trading.

Here are some of the technical analysis indicators best for day trading:

• Moving Averages
• Relative Strength Index
• Bollinger Bands
• Stochastic Oscillator
• Fibonacci Retracements

Swing Trading Technical Analysis

Alongside day trading, swing trading is a common trading strategy where positions are usually held overnight for one or more days tending to profit from price changes or “swings”. To enhance their technical analysis swing trading strategy, traders use swing trading indicators for identifying new opportunities.

Here are some of the best technical analysis indicators for swing trading:

• Moving averages
• Volume
• Ease of movements
• Stochastic oscillators

Technical Analysis by Instrument

Technical analysis can be applied to almost any market instrument with an appropriate price chart and technical indicators. Here are some of the brokers with technical analysis for forex trading:

• IG Market – best crypto trading technical analysis
• ActivTrades – best stock trading technical analysis
• Interactive Brokers – options trading technical analysis
• Pepperstone – best commodity trading technical analysis
• IC Markets – best technical analysis for futures trading