KEY POINTS:
If they can secure an even start, yachting commentator Peter Lester believes Team New Zealand will have the legs on Luna Rossa tonight.
Team New Zealand would be the only unbeaten team in round two of the challenger series if they were able to beat Team China overnight.
Yesterday they thumped United Internet Team Germany by 2 minutes 7 seconds.
The Grant Dalton-led syndicate now have to tackle Luna Rossa, Victory Challenge and Chris Dickson's BMW Oracle Racing.
If they win those matches they will finish top of the challengers and earn the right to chose their semifinal opponent.
Team New Zealand lost to Luna Rossa in round one after skipper Dean Barker copped a penalty in the prestart.
After trailing the Italians around most of the course, Team New Zealand passed on the final run but couldn't get ahead enough to do their penalty turn and still win.
Since then the wind in Valencia has settled. The breeze has been stable about 10 to 11 knots and the sea state quite lumpy.
They are conditions NZL92 seems to like, maybe more so than Luna Rossa's ITA94.
Lester said it looked like the Luna Rossa boat was good in flat water but not as good in lumpy seas.
"Their boat has a bit more wetted surface because of its [hull ] shape," he said. "The New Zealand boat, with Oracle, looks good when it is lumpy and light rather than when it is light and flat.
"It gets really lumpy here. When it is 10 knots the sea is moving around. It is more lumpy than wavy."
"I think the New Zealanders, like Oracle, have a click over Luna Rossa. But the speed edge is so, so small that the start will be crucial."
Up against Dean Barker is the best starter in the competition, James Spithill.
"Spithill has the best starting statistics of all the helmsmen," Lester said.
"Chris Dickson and Barker are about the same ... Dean's might even be a bit better than Chris' at the moment."
Team New Zealand strategist Ray Davies acknowledged that, like his own team, Luna Rossa had sailed better in round two.
Like Team New Zealand, Luna Rossa were also tipped over by one of the less favoured teams in round one, losing to Shosholoza.
In yesterday's race against United Internet Team Germany, Team New Zealand had British yachtswoman Ellen MacArthur on board as 18th person.
After an even start the Kiwis pulled away in the first beat and rounded the top mark 32s ahead.
They gained on every leg, most notably in the second upwind leg where they added more than a minute to their lead. The 2m 07s win was Team New Zealand's sixth victory on the trot.
Desafio Espanol beat Mascalzone Latino in their rematch by 35s. The Spanish now look set to claim the fourth semifinal spot.
Four flights of round robin two remain. Flight eight was scheduled to have been sailed overnight.
The challengers were meeting to discuss sailing two flights tonight (NZT) and tomorrow night.