Keep an eye on crude oil in the coming hours (especially in Europe and North American trade). The hourly RSI (seen below) stopped falling and we are in a massive descending wedge. Descending (and ascending) typically are reversal patterns, so this chart suggests in the coming 6-12 hours we should get a recovery in price (higher). I doubt it will create an actual “longer term trend change” however, if it does happen, the daily chart may set up a “higher low” which is an indication a trend may be changing in the near term.

Blake Morrow

Chief Currency Strategist, Wizetrade