Price corrects toward 38.2% retracement but stalls rally near the level

The NZDUSD moved and closed above its 200 hour moving average for the first time yesterday since June 2. However, sellers leaned near the 38.2% retracement of the move down from the May 26 high at 0.7066. The price rotated lower and closed the day near its 200 day moving average at 0.7040.

NZDUSD on the hourly chart

Today, the price moved back above that 200 day moving average, and then the falling 200 hour moving average. The breaks attracted more buying. The rise saw the price move toward - and above - the 38.2% retracement. The high price reached 0.70726, but has backed off once again. The price has wandered back down toward a retest of the 200 hour moving average currently at 0.70465.

Can the price stay above that 200 hour moving average at 0.70465?

Can the price stay above the 200 day moving average at 0.7040?

Both are essential support targets that will be needed to hold IF the buyers are to remain in control. Move below, and the selling should intensify.