USOUSD 25 Jul 2024 On the daily timeframe, USOUSD is showing a significant decline after failing to rally towards the R2 level earlier this month. The prevailing bearish trend has brought oil prices down below the kumo cloud, indicating strong selling pressure. Currently, oil is at the 76.666 price position and continues to decline towards the S1 support level. The stochastic indicator shows that oil is in an oversold zone, with the chart below the 20 level. This indicates that the market is oversold and a trend reversal or at least consolidation is likely before the bearish trend continues.
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