FxWirePro- BNBUSD Daily Outlook

Horizontal trend line- $605

BNBUSD was one of the worst performers this week.

Any daily close above $605 confirms further bullishness.

BNBUSD showed a minor sell-off after hitting a multi-week high of $598.80.The pair holds well above the short-term (34 and 55 EMA) and long-term moving average in the 4-hour. 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 $519/$500/$460.

The immediate resistance stands at around $579. Any breach above confirms minor bullishness. A jump to $605/$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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