USD v OIL Daily Chart
Price Looking to Reverse From Strong Move lower
Price has been smashed lower in this market since making its high in October of last year.
Price action on the daily chart has been attempting to make a trend reversal.
As the chart below shows; after hitting an extreme low in December, price has since created a new high and new higher low.
Price is now looking to test the new high it created. If we can see this level break and a new higher high form, then price could look to trend higher and hold as an old resistance and new support price flip level for potential bullish trades.