FxWirePro: AUD/NZD finds strong support at 1H 200-SMA (1.1022), good to go short on break below

• AUD/NZD is extending downside for 3rd consecutive session, trades below 5-DMA.
   
• Upside remains capped below major trendline resistance at 1.1150, only breakout above could see extension of upside.
   
• RSI and Stochs are on verge of a rollover from near overbought levels, confirmation on which would add to bearish bias.
   
• On hourly charts, the pair finds major support at 200-SMA at 1.1023. Break below will see more downside.
   
• We also notice slight bearish divergence on RSI and Stochs on the hourly charts.
   
• Break below 1H 200-SMA finds next major support at 1.0945 (minor trendline) and then 1.0920 (major trendline).

Support levels - 1.1023 (1H 200-SMA), 1.0945 (minor trendline), 1.0926 (20-DMA), 1.0920 (major trendline)

Resistance levels - 1.1076 (5-DMA), 1.1130 (Sept 5th high), 0.1174 (78.6% Fib 1.1429 to 1.0237 fall)

Recommendation: Good to go short on break below 1H 200-SMA, SL: 1.1080, TP: 1.0945/ 1.0925

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -84.829 (Bearish), while Hourly NZD Spot Index was at 83.1645 (Bullish) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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