Things are not looking good for pirate bulls as we have broken the most recent trend line support. 1.50 needs to hold on the weekly if we are still in an uptrend. If not we would be looking at a possible touch of the 1.30 region or even sub dollar levels.

On the 12hr, it looks like a descending triangle has formed with a base at 1.67. The stochastic RSI looks like it wants to turn back up but it being in no man’s land means I’m not taking this turn too seriously.

The lower time frames are not faring too well either. the 4hr and 2hr charts still have mixed signals showing the tussle between bulls and bears.