• USD/ZAR dipped on Wednesday as South Africa's rand continued its recent rally, buoyed by positive sentiment following interest rate cuts by both the South African Reserve Bank and China stimulus
The rand, like other risk-sensitive currencies, reacts to global factors, particularly policy changes in major economies, with China being South Africa's largest trading partner.
•At GMT 16:32, the pair was trading down 0.01 percent at 17.248 after reaching daily low at 17.138.
• Immediate resistance is located at 17.352 (Daily high), any close above will push the pair towards 17.499 (38.2%fib).
• Strong support is seen at 17.225 (23.6%fib) and break below could take the pair towards 17.139(Lower BB)
Recommendation: Good to sell around 17.260 with stop loss of 17.360 and target price of 17.120
