The support is provided by the 61.8pc retracement of the uptrend from $0.9020 to $1.0615.
The fall from $1.0615 could be broken down into three waves.
This corrective wave structure signals the uptrend from $0.8760 may extend.
A break below $0.9820 could cause a loss to $0.9630.
On the daily chart, a bullish engulfing formed around a key support at $0.9690, the 50pc retracement of the uptrend from $0.8760 to $1.0615.
This reversal pattern looks reliable.
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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.
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