The NZDUSD is stretching to a new session high and in process has completed and surpassed the down and up lap that saw the pair move lower in the early European session, and rebound back above the falling 100 hour MA in early US session (100 hour MA is at 0.62757).
The price is trading at new highs at 0.6338 and is approaching the 38.2% retracement of the move down from the June high at 0.63409. Above that, and a swing area between 0.6345 and 0.6350 and the 200 hour moving average at 0.6364 would be in traders radars. The price moved below the 100 and 200 hour moving averages.
Since June 3, the price moved down 8 consecutive days to the low price reached on Tuesday. That move took the price from a high of 0.65755 to a low of 0.61959 or 379 (-5.77%). Yesterday the price rebounded higher and today we are seeing additional upside momentum.
Getting above the 38.2% retracement and staying above that level and the 200 hour moving average would increase the bullish bias. However, I would expect sellers to lean against the 200 hour moving average on the first test, with stops on a break above..
