FxWirePro- BNBUSD Daily Outlook

Intraday bias - Bullish

Horizontal trend line- $605

Any close above $555 confirms intraday bullishness.

BNBUSD trades higher for the third consecutive days after forming a temporary bottom around $473. The pair holds above 34 and 55 EMA in the 4-hour chart. It hit a high of $526 and is currently trading around $519.40.

The intraday bearish trend continuation can happen if the pair breaks $470. On the lower side, the near-term support is $470. Any break below targets  $456 (127.2% fib)/$437 (1.618% fib)/$403 is possible.

The immediate resistance stands at around $530 (200- 4H EMA). Any breach above confirms minor bullishness. A jump to $541 (200- 8H EMA)/$551 (61.% fib) is possible. Bullish continuation only if it breaks  $551.  A surge past $551 will take it to $569/$605/$700.

Indicators ( 4-Hour chart)

Directional movement index -Neutral

CCI (50)- Bullish

CCI(14)- Bullish

It is good to buy on dips around $510-12 with SL around $470 for TP of $605/$700.