FxWirePro- BNBUSD Daily Outlook

Horizontal trend line- $605

BNBUSD was one of the best performers this month.

Any daily close above $605 confirms further bullishness.

BNBUSD showed a nice recovery of nearly $200 from this month's low of $403.40.The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. 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 $515/$500/$460. 

The immediate resistance stands at around $606. Any breach above confirms bullish continuation. A jump to $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.