FXstreet.com (C�rdoba) ? The NZD/USD and the AUD/USD reversed sharply, turned to the upside and erased losses as stocks move off session lows in the US and as the US Dollar plummets across the board.

NZD/USD rose 140 pips from daily lows and currently is testing record highs around 0.8760. The Kiwi bottomed earlier, minutes after the release of US GDP data at 0.8620 but rebounded and changed abruptly is daily bias. Currently quotes at 0.8750, a 30 pips gain on a daily basis. Support from current levels could be located at 0.8700 and below at 0.8675 and 0.8640.

The Kiwi is outperforming the other commodity currencies. NZD/CAD soared 150 pips in the last hours and rose from 2-day lows at 0.8200 to 0.8355, reaching the highest level in four years. AUD/NZD plummeted from levels on top of 1.2600 to 1.2548, 2-day low.

Against the Dollar, the Aussie is back to the same price level it had at the beginning of the Asian session. AUD/USD bottomed at 1.0908 but rebounded rising almost a hundred pips to test daily highs above 1.1000.