NZD/USD capped below 0.7475 on China trade

The bulls assess the latest China trade figures, keeping NZD/USD in close range to the session tops.

NZD/USD looks to test Wednesday’s high

Currently, the NZD/USD pair trades +0.20% higher at 0.7465, hovering within a striking distance of session highs scored at 0.7474 in early Asia. The Kiwi clings to gains and extends its week-long winning streak on Thursday, with a slightly upbeat Chinese trade report added to the bullish sentiment around the NZD. New Zealand is highly dependent on China for its exports.

Further, broad based US dollar weakness combined with higher commodities’ prices also provides some support to the NZD/USD pair.

Next of relevance for the major remains the US employment data due later in the NA session, while Friday’s China inflation report will be also closely eyed for next direction.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7500 (round number), above which it could extend gains to at 0.7585 (daily R3). To the downside immediate support might be located at 0.7385 (5-DMA) and from there to at 0.7323 (10-DMA).