• USD/ZAR rose higher on Thursday as greebcack gained some traction ahead of key U.S. Jobs data.
• August U.S. non-farm payrolls are anticipated to increase by 78,000, slightly higher than July’s 73,000, per a Reuters survey.
• Friday’s key jobs report will play a crucial role in shaping expectations for the Federal Reserve’s upcoming policy meetings.
• Data released on Wednesday showed U.S. job openings fell to a 10-month low in July, although layoffs remained relatively subdued. Separate surveys on private sector employment and monthly layoffs are scheduled for later on Thursday.
• Like other risk-sensitive currencies, the rand is influenced by global factors, including U.S. economic data and policy decisions.
• Immediate resistance is located at 17.823(38.2%fib), any close above will push the pair towards 17.887(Higher BB).
• Strong support is seen at 17.628(SMA 20)and break below could take the pair towards 17.380(23.6%fib).
Recommendation: Good to buy around 17.800 with stop loss of 17.600 and target price of 18.300
