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Oil consolidates above $46.00 a barrel

FXStreet (Córdoba) - Crude oil prices traded slightly lower this Monday, but West Texas Intermediate futures ended the day unchanged around $46.00 a barrel.

Tepid Chinese manufacturing data weighed on the commodity, spurring fears that demand will
shrink further in an oversupplied market.

WTI technical view

“Technically, the daily chart shows that the price remained most of the day below a bearish 20
SMA, while the technical indicators have turned south below their mid-lines”, said Valeria
Bednarik, chief analyst at FXStreet. “In the 4 hours chart, however, the price managed to hold
above a bullish 20 SMA, whilst the technical indicators have posted tepid bounces from their
mid-lines, but lack directional strength at the time being. Approaches to the 45.00 level have
been attracting buying interest ever since breaking above it, which means a downward
acceleration below the level is required to confirm additional declines for this Tuesday”.

Bednarik locates next support levels at 45.90, 45.10 and 44.40, while she places resistances at 46.35, 47.00 and 47.70.

GBP/CAD fails to sustain gains, back below 2.0200

The GBP/CAD cross advanced up to 2.0304, but erased all of its intraday gains afterwards, mostly led by Pound's strength/weakness. The British Pound enjoyed a bout of buying early Europe, after the release of the final October manufacturing PMI showing a strong growth in the sector at the beginning of the fourth quarter. The Canadian dollar, on the other hand, traded uneventfully, following lackluster oil movements.
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AUD/USD: technicals remain bearish ahead of RBA - Scotiabank

AUD is quiet, consolidating around its 50 day MA (0.7132) with a limited response to conflicted PMI signals out of China (steady-neutral official, stronger than expected Caixin mfg). Considerable near-term risk lies with the RBA policy decision as market participants appear conflicted with regards to the outcome, said Eric Theoret, FX Strategist at Scotiabank.
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