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AUDUSD Attempts 3rd Daily Bearish Breakout

FX:AUDUSD   Australian Dollar/U.S. Dollar
166 0 2
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.

Alternatively if prices re-enter into today’s trading range, starting at the S3 pivot found at .6970, it may open up the pair to a potential price reversal. This scenario includes prices attempting to move through values of resistance including the R3 range resistance pivot found at a price of .7026. A full bullish reversal would also be considered if prices broke above the R4 pivot at .7054. In either reversal scenario, the current short term bearish momentum would be invalidated. At which point, trend traders should at least temporarily consider putting any sell based positioning on hold.
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