Azerbaijan joining in AUD buying spree
I’m not sure exactly how much Australian government bonds the Azerbaijanian Sovereign wealth fund is buying (just reported over Dow Jones), but it is an indication of how widespread this reserve diversification has become around the globe. Little wonder that we hear about reserve manager bids every time the AUD/USD dips by 100/150 pips.
Resistance level start on the day at 1.0480 and should be very firm near 1.0510. We can expect plenty of stops above 1.0525 as well. Downside support levels begin at 1.0420.