Forex: NZD/USD rally pauses around 0.83

FXstreet.com (San Francisco) - After gaining ground for a third consecutive day, NZDUSD has extended its advance to new monthly highs this Thursday in Asia, having climbed as high as 0.8305 (vs. 0.8285 late Wednesday) underpinned by the hawkish tone from the RBNZ in earlier trade, which generated NZD buying interest. Also supporting the kiwi is selling in the AUDNZD cross, which found at base at 1.2590 today and now trades back around its 1.2610 starting price. Australia's encouraging November job data is also said to be supporting NZD as it tracks the positive tone seen in AUD.

Currently, NZDUSD stands around the 0.8300 mark in thin Asian trading. A break above the 0.8310/15 area must first be realized before a bullish run to 0.8350 is seen possible. Sellers may be strong there, but, should the rally continue, there may be scope for an extension to 0.8400. Bearish targets may be found at 0.8285 (mar 19 high), 0.8265 (Nov 29 high) and 0.8250 (Nov 23 high).