AUDUSD looks to test cluster of resistance

Technical Analysis

The 38.2% retracement and 200 hour moving average being tested

The AUDUSD is trading to a new session high in the process is running into topside resistance defined by the 30.2% retracement of the move down from the June 11 high. That level comes in at 0.75902 and the falling 200 hour moving average currently at 0.75935. The high price just reached 0.75911.  

Also in the area are swing lows and highs going back to June 16 which come in between 0.75918 and 0.76014.

The cluster of resistances is attracting sellers on the first look as risk can be defined and limited. A move above 0.76014 would likely trigger more buying. 

On the downside, the price low yesterday stalled near the 100 hour moving average. That gave the buyers the push to take the price back above the 200 day moving average at 0.75542. If sellers start to push the price back lower, and turn the gains today into losses (the price is up 11 pips currently on the day), a move toward that 200 day moving average cannot be ruled out.

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