FxWirePro: AUD/USD reclaims higher ground, bulls eye 0.6800 level

• AUD/USD edged higher on Tuesday as slide in precious metals from gold to silver halted supporting Australian dollar.

• Liquidity across most markets remained  in a holiday-shortened week, which exacerbated volatile price swings in silver and other precious metals overnight.

• Continued gains across commodities, especially gold and copper   both of which are major export earners for Australia   have supported the Australian dollar.

•Price of gold bounced 0.7% on Tuesday, after losing 4.4% overnight. Silver also rebounded 3%.

• Looking ahead to the next year, the Australian dollar is expected to get some boost from the diverging interest rate outlooks at home and abroad. 

• Immediate resistance is located at 0.6731(23.6%fib), any close above will push the pair towards 0.6696(23.6%fib).

• Support is seen at 0.6686(Daily low) and break below could take the pair towards 0.6644(38.2%fib).

 Recommendation: Good to buy  around 0.6700, with stop loss of 0.6650 and target price of 0.6800