Daily F.X. Analysis, November 18– Top Trade Setups In Forex - U.S. China Trade Talks Continues! 

The U.S. Dollar Index fell 0.2% on the day to 98.00, as economic data released on Friday was mixed. Over the weekend, the Chinese Commerce Ministry said U.S. and Chinese trade representatives held constructive discussions in a phone call over each other's core concerns of the phase one trade deal.

Commodity-linked currencies were broadly higher against the greenback. AUD/USD rebounded 0.5% to 0.6820 and NZD/USD advanced 0.3% to 0.6401, while USD/CAD slid 0.2% to 1.3223.

Economic Calendar - German Buba Monthly Report

BTC/USD - Daily Analysis

The BTC/USD has violated the descendent triangle pattern, which is now extending resistance at 8,575 level. Besides, the bearish e engulfing pattern also supports the bearish trend in the BTC/USD today.

Previously, the BTC/USD price proceeds to trend lower, scoring five continuous lower highs as the price moves a stairstep drop in a descending wedge. Interestingly, this particular pattern is described by many analysts as a sign of a potentially bullish result, so possibly there is still faith.

The price has entered the $8,674 support for the 3rd times in the previous four days, raising the possibility that the price will fall to the lower trendline of the descending wedge at $8,480. The daily graph reveals that Bitcoin had used the week riding by the 200-DMA, a point which was lost earlier today. 

The BTC/USD has violated the triple bottom support level of 8,575, and with this, the BTC/USD can open further room for selling until 8,330

BTC/USD - Daily Technical Levels

Support     Resistance 

8,586.2        9,134.95

8,354.76      9,452.26

7,806.01    10,001.01

Pivot Point 8,903.51

BTC/USD – Daily Forecast

The BTC/USD continues to trade below previously violated triple bottom support level of 8,575, which is now working as a resistance level. Below this level, the BTC/USD can open further room for selling until 8,330. On the 4 hour chart, the BTC/USD has violated the descendent triangle pattern, which is now extending resistance at 8,575 level. Besides, the bearish engulfing pattern also supports the bearish trend in the BTC/USD today.

EUR/USD – German Buba Monthly Report Ahead

The euro rose 0.3% to $1.1052, and the British pound gained 0.2% to $1.2901. Earlier today, the EUR/USD climbed to 1.1061. The EUR/USD currency pair still on the bullish track against the greenback for the 3rd consecutive day on Monday due to lack of any fresh clues regarding the likely United States and Cina trade deal, as well as the mixed US fundamentals continue to send lower the US Treasury yields.

The uncertainty still increasing regarding whether the United States and China will reach on phase one deal, or the United States will avoid the Dec 15 tariff hike, even after the positive comments from both sides officials. So, the market's sentiment still depressed, leaving bearish pressure on the risky assets such as the Treasury yields,

EUR/USD - Daily Technical Levels

Support     Resistance 

1.1006        1.1045

1.0992        1.107

1.0953        1.1108

Pivot Point 1.1031

EUR/USD – Daily Forecast

The EUR/USD has traded mostly in line with our forecast to hit a target level of 1.1059. Right now, it's trading at 1.1060 level with a bullish sentiment. A bullish breakout of the 1.1065 resistance area can drive further buying until the 1.1090 area today. On the lower side, 50 periods EMA is supporting the pair around 1.1035 today.

GBP/USD -  U.K. House Price Dropped 1.3% 

The GBP/USD advanced to 1.2928. The U.K. house price dropped 1.3% on month in November (+0.6% in October), according to the home-listing website Rightmove.

In the U.S., the National Association of Home Builders will release November Housing Market Index (71 expected). It should be noted that Survation polling joined the league of leading surveyors plotting almost 40% chances of another Conservative victory in the United Kingdom election. The very first surveys show around 14 points of a margin between the Tories and the opposition Labour party.

Despite the uncertainties regarding the Russian interference in British politics, due to the Conservatives avoid from the releasing the report before the election, keep the GBP/USD currency pair gains in control. Moreover, geopolitical tension between the United States and China, as well as Hong Kong and Taiwan, increase questions on the recent optimism surrounding the United States and China trade deal.

GBP/USD - Daily Technical Levels

Support    Resistance 

1.2841        1.2905

1.2801        1.2929

1.2738        1.300

Pivot Point 1.2865

GBP/USD – Daily Forecast

The GBP/USD traded bullish after violating the long-held trading range of 1.2870 - 1.2835. It's trading at 1.2920 level, which actually is a resistance level, extended by old bearish trend line on the 4-hour chart. Continuation of a bullish trend can lead to GBP/USD prices towards 1.2935, and 1.2970 remains the ultimate resistance. While on the lower side, 1.2890 remains immediate support.

All the best for today.