AUD/USD 4H Chart: Double Bottom

It seems that the 200-period simple moving average (SMA) is hampering not only the CAD/CHF's recovery, as the present currency pair  is experiencing the same problem. The cap in face of the SMA is sloping downwards, thus posing extra risks for the Australian Dollar, which attempts to rise as high as the pattern's upper boundary/monthly PP around 0.7430. Meanwhile, AUD/USD is also somewhat stuck in a tight 20-pip range between 0.7340 and 0.7360, and bears are likely to benefit from this scenario. Technical studies are in turn giving signals to sell the Aussie against the Greenback on 4H and weekly time frames. On the other hand, three in four traders are still holding long open positions.