FxWirePro- BNBUSD Trade Idea

The BNB/USD pair hit a multi-week high and showed a minor profit booking.It hit a high of $667 and is currently trading around $630.40. A closing price below $545 confirms further bearishness.

Intraday bias remains bullish, with prices staying above the 34 and 55 EMA on the 4-hour chart. If the pair closes below $585, potentially leading to further declines towards $559,$545, $528, $500, and possibly down to $470.

Immediate Resistance is at $670. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $700/$725.

Indicators (4-Hour Chart)

1. Directional Movement Index: Bullish
2. CCI (50): Bullish

Trading Strategy

Consider buying on dips around $600, with a stop-loss set at $550 and a target price of $700/$725.

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