In the technical analysis charts, one can find currency price units displayed on the vertical axis and time units displayed on the horizontal axis. There are different kinds of famous currency prices shown on the technical analysis charts of forex. They are:

• High: This denotes the huge prices seen while forex trading.
• Low: Low indicates the lowest prices seen while forex trading.
• Open: At the beginning of the forex trading, the price that is observed is called as open.
• Close: At the end of the forex trading, the price observed is said to be close.

In the foreign currency market, one can use the technical analysis charts for various time units, i.e., from 1 minute to one year or more. If the time unit to plot the chart is big then the time taken to analyze the movement of the price and to discover the current market trend through the chart will also be high. Small time units are apt for short forex trading charts.

The following are the three types of charts that help you in technical analysis:

 Bar Chart: Bar chart is the one which includes separate histograms. If you want to figure out histogram in relation to the price, you will have to find out the number of time points responded to open, close, high and low prices for a specific interval and then note it on the vertical bar. In the bar chart, you have to mark the opening price with a small horizontal line on the left hand side of the bar and closing price on the right side with the small horizontal line. The benefits of bar charts during foreign currency trading are, you can figure out the difference in price and you can observe the currency range for a specific time period that you have chosen.

 Line chart: You can draw line chart for particular prices during specific time interval selected. This chart is generally described as daily chart. Generally the traders prefer to plot closing price in the line chart. However, unlike bar chart, you cannot observe the price movement for a specific period of time nor can you plot the price gaps. But you cannot deny the fact that this daily chart is easy to view, also this chart is better when you have to perform certain techniques. Technical analysis is carried out smoothly with line chart.

 Candlestick chart: This chart is similar to bar chart which includes all the four main prices. Apart from general reading, this chart has a set of specific analysis. In this chart, the opening and the closing prices are considered as the body of the chart and is usually left blank which denotes that the opening price was less as compare to the closing price. You fill the body when the currency closes at the price less than that of opening. With the help of two shadows, upper and lower, you can trace out the weekly or intraday path on the chart. Like line chart, even this chart is not able to trace the movement of the price. 

For effective foreign currency trading, technical analysis is important and for this analysis, the above mentioned charts are very useful.