FxWirePro: USD/ZAR bulls struggles as upside momentum fades

• USD/ZAR inched lower on Friday as investors awaited Federal Reserve Chair Jerome Powell’s upcoming speech at the annual Jackson Hole symposium.

• Powell’s speeches at Jackson Hole have historically swayed markets, and this year’s remarks face heightened scrutiny amid sharp criticism from President Donald Trump.

• Next week, domestic investor focus in South Africa will be on the business cycle leading indicator, producer inflation, money supply, private sector credit, as well as trade and budget balance data.

•The rand, like other risk-sensitive currencies, often takes cues from global drivers such as U.S. policy and economic data.

• At GMT 10:51,the dollar   was down 0.35% at 17.643 against South African rand.

• Immediate resistance is located at 17.788(38.2%fib), any close above will push the pair towards 18.000(50%fib).

• Strong support is seen at 17.492(23.6%fib) and break below could take the pair towards 17.391(Lower BB)

Recommendation: Good to buy  around 17.600 with stop loss of 17.200 and target price of 18.000