Global macro overview for 07/11/2016:
Tomorrow is the day of the Presidential Election in the United States and it will dominate the whole financial mass media news stream. For now, the polls indicate a minimum advantage of Hillary Clinton, but Trump certainly in the last few days managed to catch up strongly. On the other hand, representatives of the FBI announced yesterday that there is still no reason to put Clinton criminal charges for the use of its private e-mail for business purposes. The timing of FBI Director James Comey's disclosure has once again dealt a serious blow to Donald Trump's chances of securing the White House, something the markets have responded very positively to. So we can say that at the finish Hilary Clinton also got a plus in the note.
Let's now take a look at the US Dollar index technical picture at the daily time frame. The recent corrective sell-off has been stopped at the level of 96.89 after a gap up this morning. Currently, there are two scenarios for the index to move and they both depend on who will win the elections. If Hilary Clinton will win, the dollar will rally, if Donald Trump will win, the dollar will fall. It is rather hard to say what levels will be hit, but the key levels for this market from a near-term perspective are technical resistance at the level of 100.48 and technical support at the level of 91.92.
From www.instaforex.com http://ift.tt/2evOGXv
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