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• NZD/USD steadied above 0.5800 level on Tuesday as gains were driven by a burst of optimism about the outlook for Chinese growth.
• On Monday, China's economic data fueled optimism as retail sales gained momentum and industrial production exceeded expectations.
•New Zealand's Gross Domestic Product (GDP) data is scheduled for release later this week.This report will provide insights into the country’s economic health .
• At GMT 05:59, The Kiwi dollar was last trading up 0.02% to $0.5734 against greenback.
• Immediate resistance is located at 0.5849(23.6%fib), any close above will push the pair towards 0.5900(Psychological level ).
• Support is seen at 0.5800 (38.2%fib) and break below could take the pair towards 0.5758 (50%fib).
Recommendation: Good to buy around 0.5800, with stop loss of 0.5740 and target price of 0.5860
