FxWirePro: Potential 'Bullish Gartley' on AUD/USD, good to short rallies

• The RBA minutes painted a mixed picture, thus leaving the Aussie largely unimpressed.
• RBA minutes showed policymakers see resource exports to boost GDP, but cautious comments prevailed on the labor market. 
• The central bank said spare capacity in the labour market will likely persist and consumption growth could be limited by subdued income levels.
• The minutes reiterated that an appreciating exchange rate would complicate this adjustment.
• AUD/USD depressed below 5-DMA, attempts breach of 1H 200-SMA at 0.7668.
• The pair has edged higher from session lows at 0.7665 to currently trade around 0.7673 levels.
• We see a potential 'Bullish Gartley' pattern on hourly charts, and hence recommend shorting on rallies for a target of 0.7635.
• Technicals on intraday charts support downside, but there is no reversal in trend for now.
• Completion of the 'Bullish Gartley' could open possibilities for long.

Support levels - 0.7668 (1H 200-SMA), 0.7633 (20-DMA), 0.7618 (Feb 14 low), 0.7597 (23.6% Fib retrace of 0.7160 to 0.7732 rally)

Resistance levels - 0.7686 (5-DMA), 0.7732 (Feb 16 high), 0.7750 (trendline)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Bullish                 Neutral      

Recommendation: Good to short rallies around 0.7675/80, SL: 0.77, TP: 0.7635/ 0.7620

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -28.0246 (Neutral), while Hourly USD Spot Index was at 61.5202 (Bullish) at 0215 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.