Forex Market: USD/BGN daily forecast

During yesterday’s trading session USD/BGN traded within the range of 1.4082-1.4108 and closed at 1.4101.

At 8:50 GMT today USD/BGN was gaining 0.06% for the day to trade at 1.4110. The pair breached the first key resistance and touched a daily high at 1.4119 at 7:35 GMT.

Fundamental view

Employers in all sectors of economy in the United States, excluding the farming industry, probably added 210 000 new jobs in April, according to the median forecast by experts, after a job gain of 192 000 in the preceding month. Creation of jobs is considered of utmost importance for consumer spending, while the latter is a major driving force behind economic growth. In case of a larger than expected gain in jobs, the US currency would receive a boost.

In addition, the rate of unemployment in the United States probably decreased to 6.6% last month from 6.7% in March. In case the rate meets expectations or even drops further, this would have a bullish effect on the greenback.

Both reports are due to be released at 12:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/BGN manages to breach the first resistance level at 1.4112, it will probably continue up to test 1.4123. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4138.

If USD/BGN manages to breach the first key support at 1.4086, it will probably continue to slide and test 1.4071. With this second key support broken, the movement to the downside will probably continue to 1.4060.