NZD/USD Attempts A U-Turn

Despite a worse-than-expected GDP, the kiwi rallied on the back of a dovish US Federal Reserve. Having established support at 0.7100 on the daily chart, the pair is gathering momentum for the next round of rally.

A low RSI suggests there is plenty of room on the upside, though the price action will first need to clear the origin of the latest sell-off at 0.7270.

That would pave the way for a rise above 0.7300. The reversal would gain traction as long as the pair stays above the immediate support at 0.7150.

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