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NZD/USD Rallies To Major Resistance

The New Zealand dollar soared after the RBNZ cut its QE program in anticipation of policy tightening.

The initial surge above 0.7010 reveals renewed buying interest after the kiwi spent weeks above the important daily support at 0.6920.

The psychological level of 0.7000 saw its role reversed into a support. A rally above 0.7060 brings the kiwi closer to the critical supply area at 0.7100. Its breach may trigger a bullish reversal.

In the meantime, an overbought RSI can lead to a limited pullback as buyers build their momentum.