AUD/NZD still dropping as Aussie loses traction

• Aussie the big loser in recent trading, falling across the board.
• little Pacific data before NFP at 13:30 GMT.

AUD/NZD looks set to continue its decline into the Asian session, testing into the 1.0860 region as of writing. The Aussie lost against the Kiwi steadily through yesterday's trading, from a daily high of 1.0942 down to 1.0849 before finding a small bounce during New York thanks to a weakening US Dollar.

With softer-than-expected data continuing to come out of Australia, and upside surprises in New Zealand's own economic reporting, the Aussie/Kiwi pair can expect more of the same in into the future as both countries' central banks play the waiting game, searching for signs of enough economic improvement to begin lifting interest rates. A glimmer of hope for market movement on the horizon however, as AUD/NZD can expect a fair level of knock-on volatility when the US drops their Non-Farm Payroll data at 13:30 GMT.

AUD/NZD Technical Levels

Price has made an aggressive move to the bottom of the channel formed on Daily charts from 1.1050 to 1.0855, while lower timeframes are currently awash with the AUD's continued defeat, the nearest swing support close by at 1.085 as price chatters against the floor of the long-term channel.

Today's pivot points:
R2: 1.0977
R1: 1.0919
PP: 1.0884
S1: 1.0826
S2: 1.0791