The Australian and New Zealand dollars strengthened against their major counterparts in the Asian session on Wednesday, as most Asian stocks rose following the positive cues overnight from Wall Street after comments from top White House economic advisor Larry Kudlow about trade talks with the Chinese government "at all levels".

Nevertheless, investors are treading cautiously ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping at the G-20 summit in Argentina later this week. Investors are also looking ahead to a speech by U.S. Federal Reserve Chairman Jerome Powell later in the day.

Data from the Australian Bureau of Statistics showed that Australia construction work fell a seasonally adjusted 2.8 percent on quarter in the third quarter of 2018, coming in at A$53.143 billion.

That missed expectations for an increase of 1.0 percent following the 1.6 percent gain in the three months prior.

The aussie rose to 0.7243 against the greenback and 82.48 against the yen, from its early lows of 0.7222 and 82.17, respectively. If the aussie rises further, 0.74 and 84.00 are likely seen as its next resistance levels against the greenback and the yen, respectively.

The aussie climbed to a weekly high of 0.9635 against the loonie, from a low of 0.9602 seen at 5:45 pm ET. Next likely resistance for the aussie is seen around the 0.98 mark.

Reversing from an early low of 1.5634 against the euro, the aussie appreciated to 1.5601. The aussie is likely to find resistance around the 1.54 level.

The kiwi strengthened to 9-day highs of 77.44 versus the yen and 1.6611 versus the euro, off its previous lows of 77.17 and 1.6640, respectively. The next possible resistance for the kiwi is seen around 79.00 versus the yen and 1.64 versus the euro.

The kiwi recovered from an early low of 0.6784 against the greenback, rising to 0.6801. On the upside, 0.69 is possibly seen as the next resistance level for the kiwi.

Looking ahead, Swiss economic sentiment index for November and the Bank of England's financial stability report are due in the European session.

In the New York session, U.S. GDP data for the third quarter, new home sales, advance goods trade data and wholesale inventories for October are scheduled for release.

At 12:00 pm ET, Federal Reserve Chair Jerome Powell will give a speech titled "The Federal Reserve's Framework for Monitoring Financial Stability" at The Economic Club of New York.

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