What fundamentals or other factors should one follow to trade currency Forwards intraday?
Basically trading a forward contract is like trading the underlying currencies, you just have to factor in the foreign and domestic interest rates. For example, say you are trading a EURUSD forward. You just add the cost of carry (CoC) for that maturity to the current spot rate and you have the forward rate (you can find the cost of carry formula in like 2 seconds on the internet). What you would see from the CoC formula is that if EURUSD rises, the forward rises, if USD rates rise (all else being equal) the value of your forward rises and if EUR rates rise (all else being equal) the value of your forward will fall.