FxWirePro: NZD/USD gains on back of U.S. dollar weakness and robust Chinese economic data

• NZD/USD strengthened on Wednesday  as weaker dollar and upbeat Chinese economic data supported kiwi dollar.

•The dollar resumed its downward trend on Wednesday, experiencing broad declines against major currencies.

• The dollar has suffered amid growing uncertainty over U.S. trade policy, as aggressive tariff measures were announced, implemented, and then partially rolled back during a chaotic stretch for global markets.

• The latest dip came after the U.S. imposed curbs on chip exports to China and launched a probe into possible tariffs on critical minerals.

•Data released Wednesday showed China’s GDP grew 5.4% year-over-year in the first quarter, matching the previous quarter's pace but beating analysts' forecasts.In addition, retail sales increased 5.9% year-over-year in March.

•  Immediate resistance is located at 0.5929(23.6%fib), any close above will push the pair towards 0.5972 (Higher BB).

•  Support is seen at 0.5870 (April 15th low) and break below could take the pair towards 0.5810(38.2%fib).

 Recommendation: Good to buy around 0.5900 with stop loss of 0.5860 and target price of 0.6080