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Intraday bias - Bullish
Re-test level- $553
Any close above $562 confirms intraday bullishness.
BNBUSD pared some of its gains due to profit booking. It hit a high of $562 and is currently trading around $556.10.
The pair holds above 34 and 55 EMA in the 4-hour chart. The intraday bearish trend continuation can happen if the pair closes below $537. On the lower side, the near-term support is $527 (38.2% fib). Any break below targets $520 (200- day EMA) $490/$470/$456 (127.2% fib)/$437 (1.618% fib)/$403 is possible.
The immediate resistance stands at around $563. 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 ( Daily chart)
Directional movement index - Neutral
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around $537 with SL around $518 for TP of $605/$700.
