NZD/USD elevated around 0.7470

FXStreet (Mumbai) - The New Zealand dollar tries to fight back against the US dollar in Asia, driving NZD/USD higher towards 0.75 barrier in an attempt to recover losses seen in the previous session following weak Chinese trade data.

NZD/USD remains below 0.75

Currently, the NZD/USD pair trades 0.25% higher at 0.7472, deflating from 0.7485 highs. NZD/USD rebounded and remained well bid above 0.7420 support as the Kiwi attempts to recover lost ground after poor Chinese imports data induced slump.

Moreover, the Kiwi receives support from higher AUD/USD after above estimates Aus business confidence survey boosted the Aussie. Also, higher commodity prices continue to buoy the NZD/USD.

Meanwhile, traders now await US retail sales later tonight and China’s GDP data due tomorrow for further direction. While, NZ manufacturing data due later this week will also be closely watched.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7485 levels and above which it could extend gains to 0.7500 levels. To the downside immediate support might be located at 0.7450 levels below that at 0.7420 levels.