Economic News Has Big Impact on Forex Market

Waiting for the release of news or economic news that affect forex is indeed thrilling. To find out the most important and most awaited data, a forex trader must diligently observe the forex calendar. Because it will have a big influence on price movements and automatically have a big effect on trader profits.

Generally, traders only know about non-farm payrolls (NFP) news and interest rate hikes which greatly affect price movements, but in fact there is still a lot of other news which is very influential on price movements in the forex market. News releases generally affect market sentiment quickly, especially if the news release is related to the state of a country's economy (GDP reports, reports on jobless claims, to changes in central bank rates).

If observed, there will usually be a tug-of-war between buyers and sellers some time before the release of the news. This condition will be indicated by the formation of a doji candlestick whose tail and head are almost the same length on the hourly time frame (H1, H4). Once the news release establishes the score (it can be negative or positive), the market responds quickly. If the score is positive, usually the seller will immediately leave the market, so the price will immediately skyrocket. Conversely, if the score is negative, the buyer will lose the momentum to maintain a position, so that the market is controlled by the seller.

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