The break above ceiling at 0.7129 also gives the pair a boost.
The NZDUSD fell off the better US data today, but the fall could not break below the converging 200 day MA and 100 hour MA (near 0.7100 level), and the buyers took the price back higher. More recently, a move above the week's highs at 0.71295 (see red circles on the hourly chart below), gave the pair another boost an the price has since moved up to 0.71502.
Looking at the daily chart below, the NZD was weak into November, but started to base and correct higher in December. The price this week has been able to stay mostly above the 38.2% of the move down from the July high at 0.70677. The price had traded above the 200 day MA, but has been reluctant to close above that MA line.
Today, it looks as if the pair is happily moving away from that MA and looks toward the 0.71685 level (50% retracement) as the next target.
Risk for longs now?
The close risk has to be the swing highs from the hourly chart at the 0.7129. Stay above keeps the bulls in firm control. More conservative risk for longs would be down at the 100 hour MA and the 200 day MA level at 0.7103. Now that the price has moved away from those converged MA levels, they become support levels to stay above to keep the bulls in control.
