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Monitor Forex Economic Indicators.
One of the first things you can do is stay informed of when exactly the economic indicators for the country are going to be released.
Most countries have a specific economic calendar and release various indicators according to this calendar. By monitoring the economic calendar, you will not only be aware of the kind of trading that takes place around the time the economic indicators are released, you will also know first hand of the kind of impact the indicators have on the prices.
You will therefore be able to draw a correlation between the performance of the indicators and the performance of the particular currency.
For example, it might happen that a particular currency has been going down for some time with traders holding short positions on it.
However, as soon as some encouraging employment or housing data is released, you will notice immediate improvements in the currency.