drilonn001
Short

Week of 12/03-16/03 AUDUSD at critical resistance

FX:AUDUSD   Australian Dollar / U.S. Dollar
Last week our Bullish expectations for the AUDUSD             became reality and the price reached the Monthly Pivot Point at 0.78624. Now this point represents a highly important structure on the chart as we expect this area to serve as strong resistance for the pair. If price fails to break above this zone, we may see a move down to the structure at 0.7750.
Our expectations for this week for AUDUSD             are Bearish , with potential short position taking around Monthly Pivot Point as it offers very good Risk-To-Reward ratio.
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