FxWirePro: AUD/NZD finds major trendline resistance at 1.1155, upside only on break above

• The Aussie remained under some selling pressure after the nation's business confidence index dropped to 5 in August from a reading of 12 last month.
   
• Prevalent negative trading sentiment around commodity space further dented demand for commodity-linked currencies.
   
• AUD/NZD lost ground, slipped from session highs at 1.1107 and is currently trading at 1.1047.
   
• The pair finds major trendline resistance at 1.1155, we see upside only on break above.
   
• Price action has slipped below 5-DMA, next major support seen at 20-DMA at 1.0986.
   
• Recovery fails to hold above 1H 200-SMA. RSI and Stochs are showing a rollover from overbought levels.
   
• Next major resistance above 1.1155 lies at 1.1173 (78.6% Fib retrace of 1.1429 to 1.0237 fall).

Support levels - 1.1011 (weekly 5-SMA), 1.0986 (20-DMA), 1.0973 (61.8% Fib of 1.4129 to 1.0237 fall)

Resistance levels - 1.1082 (1H 200-SMA), 1.11, 1.1155 (trendline), 1.1175 (78.6% Fib retrace of 1.1429 to 1.0237 fall), 1.12

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