• USD/ZAR fell on Thursday as the South African rand strengthened, supported by a rebound in global risk appetite.
• The South African rand tumbled over 1% against the dollar on Tuesday, amid a sharp global sell-off driven by concerns over inflated stock market valuations.
• Economic events in South Africa are sparse this week, with Friday’s release of October foreign reserves expected to provide clues on economic conditions..
At GMT 15:37, the pair was trading down 0.05 percent at 17.880 after reaching daily low at 17.326
• Immediate resistance is located at 17.442 (Daily high), any close above will push the pair towards 18.524 (50%fib).
• Strong support is seen at 17.320(38.2%fib) and break below could take the pair towards 17.098 (Lower BB).
Recommendation: Good to sell around 17.400 with stop loss of 17.600 and target price of 17.200
