NZDUSD lifts as Bulls play to the Gallery

NZDUSD recorded gains for 3 days straight after the price rebounded from 0.6130 price level. This week, the commodity-based currency (NZD) benefitted from a pick in China’s economic activity despite market fears of a prolonged rate hike activity by the Federal Reserve. Though investors seek clues from comments of Fed members on the size of the next rate hike, recent economic data from the US has weighed on the US dollar.
A look at the chart shows a pattern that displays a Head and Shoulder formation with the Right shoulder coming into play at 0.6130. Traders can look to scale in from intraday price action as the bulls take advantage of a weak US dollar. Intraday levels to observe for price action are Resistance: 0.6260 and Support: 0.6130.