Here we have the hourly chart of NZDUSD. Take a look at it and you can see this range developing over on the hourly time frame. The 4-hourly time frame did not show this well enough so we actually zoomed out quite a bit on the hourly to get a better look. After the double top, there's quite a range going on right now. It looks rather bullish due to the resistance turned support level that we have drawn.
Risk is moderate as this level is untested. However, looking at the bullish move and pull backs, the it's got quite a bit of momentum before it reaches the upper boundary of this range. Of course, this pair is leaning towards the more bearish side on a longer term weekly and monthly time frame. As for now, this should be treated as a quick in and out trade.
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