Everyone should be aware we are currently trading below and also have a semi - solid (12pips) previous 1hr close below the Weekly 200sma level (bold dotted yellow line)
You can ignore everything else on this chart. What happens in about 10 minutes on the next 1hr close will help to define and determine near to maybe mid term direction on this pair, with a SOLID 1hr open/close below the sma.
Only caveat is that this is happening while Bernanke is speaking, so that would be the fly in the ointment. But broken support is broken support no matter how you qualify it...
All shorts looking very happy this morning. Gone for the day.
Bank of India cut rates a full percent for 1st time in 4 yrs. China had Q3 slowdown.. And Russia... oh never mind... the BRIC wall is cracking.
You can ignore everything else on this chart. What happens in about 10 minutes on the next 1hr close will help to define and determine near to maybe mid term direction on this pair, with a SOLID 1hr open/close below the sma.
Only caveat is that this is happening while Bernanke is speaking, so that would be the fly in the ointment. But broken support is broken support no matter how you qualify it...
All shorts looking very happy this morning. Gone for the day.
Bank of India cut rates a full percent for 1st time in 4 yrs. China had Q3 slowdown.. And Russia... oh never mind... the BRIC wall is cracking.
Attached Image
FUBAR...