Australian dollar breaks past key technical level

Published: 30 May 2009 19:05:11 PST

SYDNEY, May 29 - The Australian dollar <AUD=D4> rose past the key technical level of $0.7930 on Friday, to advance to its highest level since early October, boosted by higher commodities prices and better risk appetite.

The level is a 50-percent retracement of its July-October plunge and the break suggests the Aussie has enough momentum to test the 61.8-percent retracement level of around $0.8380, analysts said.