GBP/NZD 4H Chart: Double Bottom

EUR/JPY 4H Chart: Double Bottom

Comment: Notwithstanding formidability of 200-bar SMA at 138.80 that was impenetrable during almost a month started early May, EUR/JPY managed to surpass this level and now is attempting to consolidate above it. If the pair succeeds, we are likely to see a longawaited rally towards 140.09, the neck-line of the 211-bar long double bottom pattern; this may finally lead to the breakout that has been delayed for several weeks due to EUR/JPY inability to overcome the 200-bar SMA. However, market players are not so optimistic about the pair’s prospects – 50% of them hold long positions, while 50% are in favour of a bearish scenario.

AUD/CHF 4H Chart: Rising Wedge

Comment: AUD/CHF is paving the way towards a return to the 306-bar long rising wedge pattern it exited a day earlier. If the pair comes back to the formation, it will be a done primarily thanks to a strong support lent by the 200-bar SMA at 0.8359 that helped the pair to stop depreciation and acted as a prop for a current jump.

Considering the SWFX numbers, traders believe AUD/CHF will return to and prolong the pattern – almost 65% of all orders are placed to buy the instrument. Meanwhile, technical data sends mixed signals, being neutral for the short-term, warning of a possible decline in the medium-term and pointing to a strength in the long perspective.

GBP/NZD 4H Chart: Double Bottom

Comment: GBP/NZD disappointed market participants by unexpectedly reversing its trend a day earlier thus moving farther from the double bottom pattern’s neck-line at 1.9618.

At the moment, the currency couple is sitting near the 50-bar SMA at 1.9502. Given that most traders have not lost faith in the pair – around 65% of them still believe the currency couple will appreciate in the hours to come – we may expect the instrument to bounce off its short-term SMA and reduce the distance from the neck-line thus confirming that a bullish breakout may be looming.

USD/RUB 4H Chart: Channel Down

Comment: More than a three-month retreat of the U.S. Dollar against the Russian Ruble now is developing inside a 89-bar long channel down pattern. The formation originated early June and pushed the pair to a five-month low of 33.54 a few days earlier.

Currently, USD/RUB is meandering just below the 50-bar SMA at 33.99 and according to the SWFX sentiment, the pair is unlikely to overcome this resistance. The SWFX data unveils almost 80% of market players are bearish on the pair, suggesting that the likelihood of the instrument extending its losing streak in the foreseeable future is high.