Forex Flash: The Australian dollar reached almost $1.06 before the unwinding of cross positions against the yen took a toll - BBH

FXstreet.com (Barcelona) - The Australian dollar reached almost $1.06 before the unwinding of cross positions against the yen took a toll (as it appears to have done on the other major currencies as well to varying degrees), noted March Chandler, Global Head of Currency Strategy at BBH.

He went on to add, “The Aussie should find support in the $1.0440-60 band and this will allow it to challenge its 8-month cap near $1.06. Similarly a break would warn that the cap once again held and the Australian dollar may be headed back into the $1.0300-50 area.”