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Aussie Barrels Toward a Moment of Reckoning at 80 U.S. Cents

  • Technicals show weekly valuation stretched as key test nears
  • Greenback may lift from lows as U.S. yields reset higher

Traders have seized on every scrap of good news to push the Australian dollar higher in recent months, leaving it vulnerable to a pull-back as it approaches the key psychological level of 80 U.S. cents.

The currency surged almost 10% in 2020 as strategists ratcheted up forecasts for the Aussie on rising commodities prices, a sharper-than-expected economic rebound and local success containing Covid-19.