FxWirePro- BNBUSD Daily Outlook

Intraday bias - Bullish

Horizontal trend line- $605

Any close above $562 confirms intraday bullishness.

BNBUSD surged more than 5% in the past two days on positive developments. Binance unit Tokocrypto won a full license for Physical Crypto Asset Trader (PFAK) in Indonesia.

 The pair holds above 34 and 55 EMA in the 4-hour chart. It hit a high of $547 and is currently trading around $544.80.

The intraday bearish trend continuation can happen if the pair breaks $470. On the lower side, the near-term support is $490. Any break below targets  $470/$456 (127.2% fib)/$437 (1.618% fib)/$403 is possible.

The immediate resistance stands at around $562.50 (50% fib). Any breach above confirms minor bullishness. A jump to $569/$605 is possible. Bullish continuation only if it breaks $605.  A surge past $605 will take it to $700.

Indicators ( 4-Hour chart)

Directional movement index -Neutral

CCI (50)- Bullish

CCI(14)- Bullish

It is good to buy on dips around $520-22 with SL around $490 for TP of $605/$700.