Forex: AUD/NZD flat for the week around 1.23; off fresh 30-month lows

With 1 hour to go until Australian jobs data is out, AUD/NZD is currently at 1.2296, near session highs and off fresh 30-month lows at 1.2202, following worse than expected Kiwi jobs data just released moments ago. Even though unemployment rate fell in NZ to 6.9% vs 7.1% expected, the decline was mostly due to lower participation rate, with employment growth at -1% QoQ.

The cross is about flat for the week, off Tuesday's weekly highs at 1.2423, following better trade deficit in Australia than expected and RBA leaving rates unchanged at 3%, but showing a more dovish than expected statement, along with yesterday's poor retail sales data, which all lead to mentioned multi-year AUD/NZD lows from mentioned weekly highs.

Immediate support to the downside for AUD/NZD lies at recent 30-month lows 1.2202, followed by May 2010 lows at 1.2124, and Nov 2007 highs/July 2010 lows at 1.2096. To the upside, closest resistance shows at recent session highs/Monday's London session lows 1.2307/10, followed by Tuesday's Asian session lows at 1.2342, and Tuesday’s weekly highs at 1.2423.