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FxWirePro: USD/ZAR attracts buying interest, 23.6% fibonacci eyed

• USD/ZAR rose on Thursday  after robust U.S. jobs data on Wednesday reinforced bets that the Federal Reserve will not rush to cut interest rates.

• The greenback saw additional demand after an Iranian missile attack on Israel on Tuesday boosted safe-haven assets.

•Similar to other risk-sensitive currencies, the rand frequently aligns with global market influences.

 •At GMT 15:07, the pair was trading up 1.05 percent  ,highest level since 20 September.

• Immediate resistance is located at 17.615  (23.6%fib), any close above will push the pair towards 17.734 (Sep 16th high).

• Strong support is seen at 17.434 (38.2%fib) and break below could take the pair towards 17.3339 (50%fib).

Recommendation: Good to buy around 17.520 with stop loss of 17.400 and target price of 17.700

 

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