New Zealand horses have won the past two Underwood Stakes and punters have rallied behind another to cause an upset on Saturday.

Multiple Group One winner It's A Dundeel has firmed from $13 on Wednesday to $8.50 with TAB fixed odds with unbeaten mare Atlantic Jewel drifting slightly from $1.45 to $1.60.

It's A Dundeel was fourth to Atlantic Jewel first-up in the Memsie Stakes (1400m) where he was cramped for room on the inside in the straight after jumping from barrier one, and he is expected to strip fitter on Saturday.

"Punters looking for something to beat the favourite have settled on the Kiwi at attractive odds," TAB's Matt Jenkins said.

It's A Dundeel is trained by Murray Baker who has won the Underwood twice with The Phantom (1990) and Lion Tamer (2011).

Another New Zealand-trained horse, Ocean Park, won the weight-for-age race last year.

Lion Tamer was ridden by Michael Rodd in his 2011 victory but Rodd will be in the opposite camp to Baker on Saturday when he rides Atlantic Jewel who is striving for her 10th win.