Forex Fundamental Analysis : Best Free Forex Tools Analyzed
In case you are into Forex trading, it is important to help yourself in finding the right internet Forex trading tools that will maximize the income you will get. Knowledgeable traders start off preparation for each trading session by spending ample of time and effort to analyze the foreign currency pair charts and examining the numerous financial information reports. At the same time, if an intra- day trade is within development with a potentially volatile financial report soon to be released, a decision can be made as to whether to get out of the trade, or perhaps move the stop to protect revenue or minimize loss.
However, how can regular Forex traders with no experience trading Forex has the capacity to study and evaluate the Forex Fundamental outlook of the different currencies. A newly available free online reference I came across is available at Fundamental Forex Outlook dot com that offers all the appropriate tools to help you with the overwhelming task of Forex Fundamental Analysis.
Listed below are four good tools that are offered for the average Forex trader,
The Currency Outlook Score, which is mainly a score that is given to each currency depending on economic indicators and high-impact news releases. A currency score of minus 3 to plus 3 is assigned to each scheduled news event based on its importance, market focus, and surprise factor.
Like, the US Employment Change release should have a higher impact compared to ISM Non- Manufacturing PMI figure in the US dollar, however, if the ISM Non- Manufacturing PMI comes out 5 points more than the anticipated release, it will have the same effect on the US dollar as compared with the Employment Change in the long term.
The Outlook Score is the sum of all of the individual scores designated to each high impact news release, and the score is transferred over from one month to the next; this is based on the idea that fundamental sentiments are also carried over from month to month. This score is modeled after the Purchasing Managers Index, PMI, so any score of 49 or below is regarded as a Negative Fundamental Outlook, Downtrend, a score between 50 and 54 can be a Neutral Fundamental Outlook, Neutral Trend and a score of 55 and above is considered as a Positive Fundamental Outlook or Up Trend.
From your site, you can easily click on one of the major eight currencies to see each its current score and trend. This alone will give you an instant complete view of the currency Fundamental Analysis without needing to use a large amount of time studying and going over the numerous news reports.
The Forex News Release Score Details Table and Historical Chart, is actually a table that lists all of the scores designated to each individual news report that may influence the Forex fundamental analysis and outlook of each currency. You have the option to view the descriptions on each specific news event and in addition loada historic data view of its impact at the time of the news release. Besides being able to see how the market reacted to high impact news releases, you can even switch to higher time frames or view the market reaction on different currency pairs.
The Breaking News Section, in this section, you can view all of the breaking news that are impacting each currency in the Forex market. This is equivalent to sifting through all of the economic news and analyzing them to find the news that actually has an effect on the Forex market.
In conclusion, the Fundamental Forex Outlook website is free of charge and helps you stay on the right side of the market by giving you the resources that you need. Especially in the long term point of view, you can buy currencies that have a very good outlook score against currencies with low outlook scores. Visit these absolutely free applications, it could help you improve your Forex trading almost overnight.
