AUD/USD: Westpac Leading Index Tad Higher In October

AUD/USD: Westpac Leading Index Tad Higher In October

For the 24 hours to 23:00 GMT, AUD weakened 0.25% against the USD to close at 1.0518, after the nation’s Reserve Bank cited a softer labor market for cutting interest rates at this month’s meeting.

LME Copper prices rose 0.1% or $4.8/MT to $8005.3/MT. Aluminium prices declined 3.8% or $82.8/MT to $2080.5/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0516, with the AUD trading marginally lower from yesterday’s close.

This morning in Australia, the Westpac/Melbourne Institute’s leading index climbed 0.1% (MoM) in October, compared to a revised 0.6% rise reported in the previous month.

The pair is expected to find support at 1.0499, and a fall through could take it to the next support level of 1.0481. The pair is expected to find its first resistance at 1.0540, and a rise through could take it to the next resistance level of 1.0564.