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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.

Forex Flash: Buy USD/CAD dips while support 0.9945/50 holds - TDS

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Following the news that BOJ Governor Shirakawa will step down on 19 March, almost a month before his official term ends, according to Nomura FX strategists Yujiro Goto and Yunosuke Ikeda, "we maintain our view that the yen would initially weaken if an academic were to become the next BOJ governor, and rally if a former MOF official were appointed."
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