Swing high area at 0.70328 to 0.70471
The NZDUSD is up testing its 38.2% retracement of the move down from the March 18 high. That level comes in at 0.70659. The price is trading just above that level of 0.70677.
Earlier in the session, the price moved above the high of a swing area between 0.70328 and 0.70471. That area had a number of swing highs going back to March 23. The corrective move off of the high on Friday came down near the 100 hour moving average (blue line). Lows today stayed a safe distance away from that moving average and the price moved higher.
Getting above the 100 and 200 hour moving averages was a bullish tilt last week. Getting outside the up and down range since March 23 was bullish today. The 38.2% retracement is the next hurdle to stay above to tilt the bias more to the upside. If you believe the upside steps, the broken swing area (top yellow area) is now risk. Stay above is more bullish. The 50% retracement at 0.71047 (call it the 0.7100) would be the next upside target.