Techcheck Daily AUD/USD a 7 year itch:: Emkay

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Techcheck Daily

AUD/USD a 7 year itch

n     Chart in Focus: Dollar strength visible across currencies, DXY prices close to completing bullish setups, initial upside targets pegged around 77

n     AUD/USD a 7 year itch clearly visible as price and momentum diverge, sharp downside reversals in store

n     USD/JPY remains an overwhelming case for 90 and beyond

n     Crude a breakout failure coupled with a likely bearish H&S means that prices are headed lower

n     MSCI World index near crucial trend supports, a break below 330 (200 DEMA) would open up downsides

n     Nifty immediate trading range remains between 5500-5600 (200 DEMA), crucial supports around the 5420 mark

n     Nifty monthly Bollinger setups hold one final time, make or break month ahead, 5423 remains crucial support from hereon

n     Stocks with positive short term view

n     BHEL, HUL, NTPC, Apollo Tyres, L&T, ICICI Bank, Axis Bank, UTV, DCB

n     Stocks with negative short term view

n     ONGC, Bajaj Auto, Hero Honda