The trend consists of three waves. The third wave labelled (c) failed to extend below its 161.8pc projection level at $0.94. The failure strongly indicates a completion of this wave.

Further indication of a trend reversal is given by the bounce from around $0.94 and the bullish divergence on the hourly MACD. Support is at $0.9580, a break below which could cause a fall limited to $0.94.

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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.