FxWirePro: AUD/USD gaining momentum for a move towards 0.6800 level

• AUD/USD  rose above 0.6700 level on Wednesday  as Australian dollar was boosted by higher commodity prices and  growing expectations of higher rates from the Reserve Bank  .

• Strength across commodities lent support to the resource-focused currency, with gold and copper setting record highs and anchoring Australia’s export sector.

• Minutes from the RBA's last meeting showed the board preparing the ground for a hike should inflation not recede as hoped, highlighting the importance of the fourth-quarter CPI numbers on January 28.

•A higher-than-anticipated Q4 core inflation reading could lead to a rate increase at the RBA’s February meeting, according to analysts.

• The RBA holds its first meeting of the year on February 3 and markets imply a 28% chance of a quarter-point increase in the 3.6% cash rate.

• Immediate resistance is located at 0.6718(23.6%fib), any close above will push the pair towards 0.6739(Higher BB).

• Support is seen at 0.6661 (38.2%fib) and break below could take the pair towards 0.6613(50%fib).

 Recommendation: Good to buy  around 0.6690, with stop loss of 0.6620 and target price of 0.6800