NZD/USD Price Analysis: Over extended beraish impulse

• NZD/USD bulls are looking to the daily Fibos for a meaningful test of daily resistance. 
• Hourly oversold conditions and a break of resistance will expose the daily 50% mean reversion level.

The price of NZD/USD is sitting at a monthly support level that meets a 38.2% Fibonacci retracement level as additional confluence. 

At this juncture, the price would be expected to continue higher within the bullish trend.

The following is a top-down analysis that illustrates where the next trading opportunity could evolve from on the lower time frames. 

Monthly chart

Daily chart

The bulls have a clear target back to the old support in a 50% mean reversion. 

1-hour chart

The oversold conditions are ripening the price for a break of the immediate resistance. A break there will expose the daily target.