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Forex: AUD/USD above 1.03 ahead of key AU jobs data

The Aussie is awaiting for crucial jobs data in Australia at 00:30 GMT at a critical price zone last at 1.0315 USD, off fresh 12-week lows at 1.0296, just few pips above Nov 2012 lows at 1.0283, down already -0.97% for the week so far. Kiwi jobs data, just released moments ago, did not show very promising figures either.

Today's Aussie jobs data, expected at +5.8k with an unemployment rate rising to 5.5%, are key for next RBA March meeting, as continued weak macro data coming out of Australia, latest being yesterday's retail sales showing longest period of retail decline in 13 years, Bloomberg reported, could make the CB to cut rates again next month to record low levels below 3%.

As Greg McKenna puts it, GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac: “The market is looking for a rise of 5k according to FXStreet but as always this is a volatile number and the market reacts as much to the split between fulltime and part time as it does to the headline number sometimes. Overall our view is that unemployment is going to trend higher in coming months,” the analyst says.

Immediate support to the downside for AUD/USD lies at recent NY session and fresh 3-month lows 1.0296, followed by Nov 16 lows/Oct 05 highs at 1.0283/78, and Oct 23 lows at 1.0231. To the upside, closest resistance comes at NY session highs 1.0331, followed by Friday's lows at 1.0360, and Jan 28 lows at 1.0384.

Australia Jan AiG Performance of Construction Index 36.2

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