• USD/ZAR edged lower on Thursday as rand firmed after South Africa's trade ministry said the country remained compliant with domestic and international obligations on forced labour.
• The proposal follows a Section 301 unfair trade practices investigation as the Trump administration seeks to rebuild emergency tariffs struck down by the Supreme Court in February.
• The U.S. imposed a reduced tariff of 20% on Vietnamese exports, significantly lower than the initially threatened 46%, easing fears of a more aggressive protectionist stance and boosting market sentiment.
•Oil prices fell about 3% on Thursday after a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the U.S.-Israeli war
• The Republican-led U.S. House of Representatives approved a resolution to block President Donald Trump from continuing the war against Iran, reflecting growing concern among members of his party about the three-month-old conflict.
• Like other risk-sensitive currencies, the rand tends to follow global drivers in the absence of major domestic data.
• Immediate resistance is located at 16.400(SMA 20), any close above will push the pair towards 16.456(50%fib).
• Strong support is seen at 16.37(38.2%fib) and break below could take the pair towards 16.082(Lower BB)
Recommendation: Good to sell around 16.300 with stop loss of 16.500 and target price of 16.200
