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NZD/USD trades above 50-DMA

FXStreet (Mumbai) - The New Zealand dollar gained strength against the greenback, taking the NZD/USD pair well above its 50-DMA level located at 0.7872.

The pair traded 0.14% higher at 0.7881 at the time of writing. The Kiwi hit a high of 0.7928 earlier today tracking broad based weakness in the US dollar. The NZD/USD pair started its recovery from 0.78 levels yesterday, tracking the fall in the US Treasury yields post the US Q3 GDP estimate. The gains were extended further after the release of a back-to-back disappointing data in the US yesterday. The initial jobless claims rose to the highest level since early September, while core durable goods orders fell. Meanwhile, consumer sentiment declined while home sales data and manufacturing data came-in below market expectations.

The trading activity is likely to remain light today on account of the Thanksgiving holiday in the US.

NZD/USD Technical Levels

The pair has an immediate support located at 0.7872 (50-DMA), under which losses could be extended to 0.7850 levels. Meanwhile, resistance is seen at 0.79 and 0.7928 levels.

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