The Australian and New Zealand dollars briefly dipped on Wednesday, before regaining steam after positive World Bank comments on the economic outlook for China. Gains were limited, however, by euro zone worries and weak Japanese stocks.

The Aussie consolidated at around A$1.0103 after testing a session low of $1.0065 on profit taking by local firms. It kicked higher after a World Bank economist predicted China would become the world's biggest economy by 2030, buoyed by 8 percent GDP growth over the next 20 years.
The Australian dollar is very sensitive to any news from China, its key export market. The local currency has made a stunning turnaround from last week when it plunged to a four-month lows around $0.9705 with traders expecting further gains in the short-term.
Support is now seen at $1.0025 against resistance at $1.0129. The New Zealand dollar edged higher to $0.7414, dragged up by the Aussie and is well above last week's trough around $0.7115. It hit a near two-week high of $0.7448 in offshore trade. Support is seen at $0.7339 with $0.7457 the first line of resistance.
The kiwi received a brief knock after data showed the fourth-quarter current account deficit widened slightly, although a short term improvement is seen on insurance payments after the devastating Christchurch earthquake of February 22. For now, the Aussie and kiwi are holding onto gains against the Japanese currency at 81.73 yen, well recovered from last week's lows around 75.00, and at 59.99 yen , well off last week's near one-year trough of 54.98 yen.