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NZD/USD rejected at 0.79

FXStreet (Mumbai) - The New Zealand dollar has erased most of its gains against the greenback, after facing rejection at 0.7900 levels.

The NZD/USD pair traded 0.05% higher at 0.7875 at the time of writing. The kiwi had rebounded from the 0.78 level yesterday, although the currency appears to have lost steam after clocking a high of 0.7899 today. Moreover, the currency had gained today after the official data from the Reserve Bank of New Zealand (RBNZ) revealed credit card spending rose at a faster rate in October. The credit card billing rose 1.3% month-on-month after the 0.2% gain in September. Year-over-year the spending rose 6.7%, faster than the 4.5% increase in September.

NZD/USD Technical Levels

The pair has an immediate support at 0.7836, under which losses could be extended to 0.7805 levels. Meanwhile, resistance is seen at 0.79 and 0.7926 levels.

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