The Australian and NZ dollars moved up against their major counterparts in the Asian session on Tuesday, as better-than-expected China trade data for March underpinned sentiment.

In yuan terms, China's imports rose an annual 2.4 percent in the month, beating expectations for a 7 percent drop. Imports declined 2.4 percent in February.

Exports fell 3.5 percent compared to the expected slide of 12.8 percent. Exports declined by 15.9 percent in February. The trade surplus for the month narrowed to CNY 130 billion from CNY 158.5 billion in February.

Survey data from the National Australia Bank showed that Australia's business confidence fell to the lowest on record in March as shutdown of companies to curb the spread of coronavirus dampened business activity.

The business sentiment index declined sharply to -66 in March from -2 in February. This was the biggest fall on record and reached its lowest level since the series started.

The aussie advanced to near 5-week highs of 0.8921 against the loonie and 0.6432 against the greenback, from its early lows of 0.8861 and 0.6374, respectively. The next possible resistance for the aussie is seen around 0.90 against the loonie and 0.70 against the greenback.

The aussie spiked up to near a 6-week high of 1.7004 against the euro and a new 5-week high of 1.0502 against the kiwi, off its early lows of 1.7108 and 1.0467, respectively. The aussie is seen facing resistance around 1.60 against the euro and 1.08 against the kiwi.

The aussie firmed to near an 11-year high of 69.26 against the yen, from a low of 68.67 hit at 6:15 pm ET. On the upside, 75.00 is likely seen as its next resistance level.

Reversing from its early lows of 0.6085 against the grenback and 1.7923 against the euro, the kiwi appreciated to a new 4-week high of 0.6131 and a new 5-week high of 1.7841, respectively. Next immediate resistance for the kiwi is seen around 0.64 against the grenback and 1.70 against the euro.

The kiwi reached as high as 66.00 against the yen, up from a low of 65.54 seen at 5:30 pm ET. The currency is likely to locate resistance around the 70.00 level.

Looking ahead, U.S. import and export prices for March are due in the New York session.

Euro vs NZD (FX:EURNZD)
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Euro vs NZD (FX:EURNZD)
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