AUDUSD Pivot Points Analysis - S2 YR1 Pivot to be broken for bearish breakdown

W1 price is located below yearly Central Pivot at 0.8556 and below S1 Pivot at 0.7609 for the primary bearish market condition with the secondary ranging:

• the price is breaking S2 Pivot at 0.7129 from above to below on close weekly bar for S3 Pivot at 0.6181 as a next bearish target;
• descending triangle patterns were formed by the price with 0.7037 and 0.6907 support levels to be broken for the possible bearish breakdown;
• 'The AUDUSD is threatening to breakout to new weekly lows this Thursday. As of the US Open the pair has already tested the S4 Camarilla pivot, found at a price of .6943. In the event that the pair trades below this value, it would be considered a bearish breakout. So far, the AUDUSD has declined in the three previous trading sessions, and a breakout here would be the third bearish breakout in the four previous trading sessions. If prices continue to decline, traders may use a 1x extension of today’s 56 pip range to measures a preliminary pricing target. As measured from the S4 Camarilla Pivot, this places initial targets at a price of .6887.'
  

Trend:

• W1 - ranging bearish