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As demonstrated on the 4h graph, AUDUSD challenged the November high but failed. The renewed price is now on 0.73147. As the short-term 20 SMA is far above the 23.6% retracement level, the price is somewhat supported. RSI is corrected from the edge of the overbought condition and kept on 65 while MACD saw a positive pattern. The undetermined element is bull power which shows the less long positions on the market. However, there still buying interest outstanding to avoid a turnover. Resistance now is 0.73376 which is the entry level as well. Profit can be taken on 0.73612 or stop the loss on 23.6% retracement 0.72743.

Supposed to be correction for AUD

Dec 01 2020