The Australian and New Zealand dollars struggled to make any headway against a broadly firmer greenback on Wednesday, but held gains on the safe-haven yen after upbeat US data sparked a surge in Asian stocks. This saw the Aussie dollar idle at $1.0538 in late trade, against $1.0540 in New York. Still, it held off a seven-week low of $1.0473 plumbed on Monday.
Traders cited bids around $1.0510, the first level of support, ahead of $1.0470, the 38.2 percent retracement of its mid-December-February rally. Resistance is seen at $1.0576/85, Monday's high and the top of the daily Ichimoku cloud. The New Zealand dollar shed 0.4 percent on the day to $0.8198, trimming gains after rising as high as $0.8247 on Tuesday.
Support is seen at its 55-day moving average round $0.8170, which has bolstered the currency in the past week. The robust US data, the latest being a strong 1.1 percent jump in retail sales, have caused markets to scale back expectations of more stimulus from the Federal Reserve, driving both US Treasury yields and the US dollar higher.
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