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Technical analysis is great for finding forex trades, but you can't ignore economic indicators

by , 23 November 2015

Technical analysis works well with forex trading, but you can't ignore the importance of keeping an eye on various data and news releases.

These announcements have the potential to move the market.

So which economic indicators do you need to watch?

Read on to find out more…
 

The importance of economic indicators when trading forex

 
These are particular fundamental factors you need to keep abreast of when you trade forex. If you ignore these economic indicators, you could pay the price with your trades.
 
As a forex trader, you need to know when news and data are due for release that could impact forex exchange rates.
 
The most important economic indicators you need to know about are:
 
  • Economic growth data (gross domestic product);
  • Rates of inflation;
  • Interest rates;
  • Rates of unemployment; and
  • Trade balances.
 
When these types of economic indicators come out, they can affect a currency’s supply and demand, and this affects its price.
 
For instance, if there is good news about a country’s economy, its currency may rally or strengthen. This means the price will increase against other currencies. On the other hand, if there is negative news about a country’s economy, its currency may fall or weaken. This means the price will fall against other currencies.
 

How to keep up to date with forex moving news

 
There are various online forex trading calendars you can view or you can check out our trading calendar for the main data and new announcements, which we publish every Monday.
 
You need to keep abreast of all the major announcements coming out of the largest and most influential economies. 
 
The information contained in these announcements can lead to large moves in currencies. This has the potential to knock you out of trades or turn a winning trade into a losing one.
 
So there you have it. Why you can’t ignore economic indicators.
 
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Technical analysis is great for finding forex trades, but you can't ignore economic indicators
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