Aussie to Ride Crowded Bullish Bets for More Gains, Analysts Say

The Australian dollar has scope to extend its advance versus the greenback, strategists say, even as speculative bullish bets on the currency stay near the highest level in more than eight years.

Barrenjoey Markets Pty Ltd. expects the currency to climb above 75 US cents, while Australia & New Zealand Banking Group Ltd. forecasts it at 73 cents by year-end. The Aussie has risen more than 5% so far this year to around 70.6 even as it weakened on Monday due to the escalating tensions in the Middle East.