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FxWirePro: USD/ZAR changes short term trend from neutral to bearish

• USD/ZAR declined on Monday  as South Africa's rand   strengthen as   investors focus shifted U.S. inflation data later this week.

• Following the release of the U.S. employment report on Friday, which had little effect on the rand, emerging markets are now focused on Wednesday’s U.S. core inflation data.

• Domestically, key data on inflation, mining and manufacturing production, and producer prices are set to be released this week.

• At GMT 14:34, the pair was trading down 1.19 percent  at 17.802.

• Immediate resistance is located at 18.055  (38.2%fib), any close above will push the pair towards 18.182(Dec 5th high).

• Strong support is seen at 17.8007(61.8%fib) and break below could take the pair towards 17.613(Sep 6th low).

Recommendation: Good to sellaround 17.850 with stop loss of 18.200 and target price of 17.200

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