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It calculated base on the interest rate differential. If you long the base currency which has a higher interest rate then it will positive swap. The reverse will be true if your short this same pair then negative swap.

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Swap is charged based on the interest rate differential between the pairs you are trading. Say you long AUD/USD you will get positive swap but if you short then it will be negative.

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If you are LONG position and the net difference between the 1st currency and 2nd currency is positive, you will gain the difference. If negative, then you will pay the difference. If SHORT, the reverse applies.

Source: http://www.fxanswer.com/members/answer.php? title=What-is-SWAP

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