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FxWirePro- BNBUSD Daily Outlook

Horizontal trend line- $605

 

BNBUSD was one of the best performers this month.

 

Any daily close above $605 confirms further bullishness.

 

BNBUSD showed a nice recovery of nearly $200 from this month's low of $403.40.The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $598.8 and is currently trading around $566.10.

 

The bullish invalidation can happen if the pair closes below $400. On the lower side, the near-term support is $545. Any break below targets $515/$500/$460. 

 

The immediate resistance stands at around $606. Any breach above confirms bullish continuation. A jump to $635/$700 is possible. A surge past $700 will take it to $800/$1000.

 

Indicators ( 4- hour chart)

 

Directional movement index - Neutral

 

CCI (50)- Bearish

 

CCI(14)- Bearish

 

It is good to buy on dips around $540 with SL around $500 for TP of $635/$700.

 

 

 

 

 

 

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