USD/RUB 4H Chart: Channel Up

GBP/USD 1H Chart: Double Top

Comment: Since late March, the British Pound has been rallying against the U.S. Dollar. The longlasting climb took the pair to a fiveyear high of 1.6843 in the second part of April; this high now acts as one of the peaks of the 125-bar long double top pattern that has been being formed during the rise.

Now GBP/USD is sitting slightly above the neck-line at 1.6774 and the 200- hour SMA at 1.6780 that represent strong support levels. If the pair continues to appreciate, it is likely to near the daily pivot point at 1.6794, a jump above which will send GBP/USD to the 50-hour SMA at 1.6807 thus questioning if the pair is going to break out of the pattern soon.

USD/NOK 1H Chart: Broadening Rising Wedge

Comment: After a drop to a one-month low of 5.9126, USD/NOK reversed its trend and entered a bullish channel. The currency couple has been a subject to buying pressure for more than 190 hours; however, now there are some signs that the instrument is willing to end its winning streak. According to the SWFX numbers, market players are bearish on the pair in 71% of cases. To confirm the traders’ view, the pair has to retreat from the daily pivot at 5.9919 to the 50-hour SMA at 5.9889. In case the short-term SMA fails to contain the decline, the currency couple may even try to target the pattern’s support at 5.9796.

USD/RUB 4H Chart: Channel Up

Comment: Having hit a five-year high of 36.8866, USD/RUB lost some ground but the weakness was short-lived as shortly after a drop to a six-week low of 34.9468 the pair embarked upon formation of the bullish corridor. Given escalating tensions in Ukraine, the pair is likely to remain highly vulnerable to fundamentals. However, technical data also should not be neglected. Technical indicators are neutral for short and medium terms but send a bullish signal for a long-term. Another factor worth looking at is market sentiment that contradicts to the technical signals. The SWFX data shows that about 70% of traders bet on further depreciation of the pair.

NZD/CAD 4H Chart: Triangle

Comment: NZD/CAD was locked between two gradually converging lines during more than two months ended April 24 when the pair broke through the upper limit of the 252-bar long triangle pattern.

Now is the right time to make some profit on the pair, as a bullish breakout from a triangle pattern usually leads to an accelerating advancement of the instrument. If these ideas come true, the pair may sequentially target three important resistance zones at 0.9528/9 (four-hour R1, daily R1), 0.9540/56 (four-hour R2, R3; daily R2) and 0.9595 (daily R3). In case the pair succeeds in overcoming these levels, a five-year high at 0.9661 will seem more attainable.