Longer-term price action on the monthly timeframe rejected a key area of resistance in July at $1.1233, a base accompanied by the 50-month simple moving average at $1.1165. Subsequent flow observed selling in August, followed by the beginning of September also echoing a bearish vibe, down -1.3% MTD. You will note that the trend on the monthly scale has been lower since 2008, emphasising the pullback from the $0.9536 low (September 2022) and the recent rejection of $1.1233 resistance appears to be enough to attract a sell-on-rally theme in the longer term. The test for sellers will come at monthly support from $1.0516; clearance of this level would help corroborate a downside bias and likely encourage follow-through selling.
But for now, according to the monthly chart, sellers will likely remain in control until at least $1.0516.
But for now, according to the monthly chart, sellers will likely remain in control until at least $1.0516.