Australian & NZ dollars pop higher on upbeat China data

* Data shows record high Chinese imports of iron ore & copper

* Aussie up 1 pct since Tuesday vs USD, 1.3 pct vs yen

* Risk sentiment bullish after Fed chief's outlook

By Cecile Lefort and Naomi Tajitsu

SYDNEY/WELLINGTON, Feb 12 (Reuters) - The Australian and New Zealand dollars powered up on Wednesday after China's trade data far exceeded forecasts, signalling still healthy demand for the Antipodeans' resources.

The Aussie AUD=D4 rose as far as $0.9061, from $0.9035 in early trade, pulling closer to this year's peak of $0.9087. It has jumped more than three cents since the Reserve Bank of Australia last week shut the door on more rate cuts. It was last at $0.9056.

The latest bounce came after China, Australia's largest export market, reported far stronger exports and imports than expected. China's imports from Australia were up 47 percent in January from a year earlier at a record $10.5 billion.

"If the current uber-bullish mentality holds, there is every chance we may get to around $0.9085," said David Scutt, a trader at Arab Bank Australia.

But he cautioned: "The data across the board looks too good to be true - distortion associated with Lunar New Year could be behind it."

Also helping was record Chinese purchases of iron ore and copper which are among Australia's top export earners.

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The Aussie was already among the best performing major currencies after sentiment was lifted following an optimistic economic outlook from Federal Reserve Chair Janet Yellen.

The surge in risk appetite sent the Aussie to a one-month peak of 92.96 yen AUDJPY= , from a low of 88.18 touched last week. The Aussie also extended gains versus the euro, pound and Canadian dollar.

The next big test for the Aussie is a local employment report due out on Thursday. Forecasts are for a gain of 15,000 jobs in January following a fall of 22,600 the previous month.

"The jobs data has generally underperformed recently so expectations heading into it will be low. If we get an upside surprise we could easily see the Aussie climb towards 92 cents," said Scutt.

Chart resistance is stiff at $0.9207, the 50 percent retracement of the fall from October to January.

The New Zealand dollar NZD=D4 rose to a near four-week high of $0.8350, from $0.8326 in early trade, following China's data.

Further gains were limited by technical resistance around $0.8355, the 61.8 percent retracement of its October-February slide. Clearing that level would be difficult, traders said, and

could result in a retreat back towards $0.8300.

"The kiwi is running into sellers above $0.8325," said Tim Kelleher, head of institutional FX sales at ASB in Auckland.

"There are sellers from above $0.8350 up towards $0.8400. That's seen as the top end of any kiwi gains."

The kiwi edged up across the board, poking up to 85.70 yen

NZDJPY=R and around NZ$1.6320 versus the euro EURNZD=R , although it stayed on the back foot against the Aussie around NZ$1.0850 AUDNZD=R .

Market participants said ongoing short covering in the Aussie, which has been boosted by a string of solid economic data in the past week or so, could lift the Aussie to around NZ$1.0965 in the near term.

The kiwi hovered around the middle of its $0.8050-$0.8550 range seen since October, supported by expectations that New Zealand interest rates will begin rising next month, while the economy is seen outperforming in 2014.

The kiwi could push towards $0.8500 should the Reserve Bank of New Zealand start raising interest rates from a record low 2.5 percent in March.

New Zealand government bonds 0#NZTSY= were unchanged on the day.

A sell-off in safe haven U.S. Treasuries dragged Australian government bond futures to one-month lows. The three-year bond contract YTTc1 was down 3 ticks at 96.910, while the 10-year contract lost 4.5 ticks to 95.830.

(Editing by Jacqueline Wong)

((Cecile.Lefort@thomsonreuters.com)(+61 2 9373-1234)(Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net))

Keywords: MARKETS AUSTRALIA/FOREX