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Message: [QUOTE="titanfx, post: 85564, member: 33464"] [b]AUDUSD Looks like Setting Up For Recovery[/b] [B]Key Highlights[/B] • AUDUSD traded lower towards 0.7600 before finding buyers to trade back higher. • A breakout pattern is formed on the hourly chart, i.e. likely to open to the doors for more upsides in the near term. • US Pending Home Sales released by the National Association of Realtors posted an increase of 0.9% in May 2015, compared with the forecast of 1.2%. [B]US Pending Home Sales[/B] Earlier during the NY session, the US Pending Home Sales, which is a leading indicator of trends of the housing market in the US was released by the National Association of Realtors. The forecast was lined up for an increase of 1.2% in May 2015, compared with the preceding month. However, the outcome was a bit on the1 lower side, as there was a rise of 0.9%. The outcome was a positive one, as it registered the highest level in over nine years. [B]AUDUSD Technical Analysis[/B] The Aussie Dollar opened the week with a gap lower this week, and traded as low as 0.7586. There was a buying interest noted around the mentioned area that pushed the pair back higher. The pair managed to close the gap, and now forming a flag pattern. The pair corrected lower and found support around the 50% Fib retracement level of the last leg from the 0.7586 low to 0.7693 high. [IMG]http://s16.postimg.org/v9bafovf9/AUDUSD_06_29_2015.png[/IMG] There is a chance that the pair might break the flag pattern and trade higher. A break above the same could take the pair towards the 100 hourly simple moving average, followed by the 200 hourly SMA. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]

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