NZD/USD en route to 0.7250

The overall outlook on NZD/USD is bearish, being that the currency couple has recently confirmed resistance at 0.77 (200-day SMA), and there is a high possibility of the US Dollar strengthening in the rest of the pairs. Additionally, most of the daily and monthly indicators are pointing south. As for the targets, the closest support is at 0.7413 (monthly S1), followed by the weekly S1 and May 12 low at 0.7330/25.

Despite all the signals to sell, the market is neutral at the moment, with 49% of positions being long and 51% being short. The distribution between the buy and sell orders, on the other hand, is heavily skewed in favour of the former (69%).