The NZDUSD backs off after new high stalls

Still higher but traders will be eyeing a potential failure

The NZDUSD last week, pushed above the March 27th high, moved to the highest level since March 15th. That break failed about 12 hours later. The 0.7301 to 0.7305 became a swing area (see red circles). 

Today the price pushed above that area and took out last week’s high by a few pips to 0.73237 (but failed). The price is moving back toward the 0.7301-05 area. Can the level hold, or will it fail again? The area will help to define the next move for the pair.