AUDUSD buyers run into a cluster of resistance. Seeing some corrective selling.

<p>The AUDUSD buyers took the price sharply higher last week as US rates declined, stocks rebounded and risk on sentiment sent buyers into the AUDUSD pair. </p><p>However, the price high ran into the falling 100-day moving average near 0.6508. It also ran into resistance going back in time to August between 0.6500 and 0.65214 (see red number circles). The 38.2% retracement of the move down from the July high to the October low was also in that area at 0.65077.</p><p> The high price today reached 0.6522 near the high of that cluster of resistance.</p><p>The last few hours have seen the price of trade above and below the 0.6500 level.</p><p>Sellers are leaning against the aforementioned resistance. However, if the price were to move back above the 100-day moving average, sellers could easily turn to buyers again. Above that, a move above the high of the swing area near 0.65214, and buying should intensify. Until then, the leaning sellers "remain in the game" with hope for more downside momentum.</p>

This article was written by Greg Michalowski at www.forexlive.com.