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FxWirePro: USD/ZAR consolidates above 18.000 after early fall, maintains bullish bias

• The USD/ZAR initially dipped Monday but recovered  ground as markets reacted to U.S. President-elect Donald Trump's nomination of investor Scott Bessent for the post of Treasury secretary.

• Bessent has also been a vocal advocate for a strong dollar and has supported tariffs, implying that any pullback in the currency could be short-lived.

• Investor attention will shift towards several key South African economic indicators set for release this week, including a business cycle indicator, producer inflation data, as well as trade and budget balance figures.

 •At GMT 11:22, the pair was trading up 0.30 percent  at 18.046

• Immediate resistance is located at 18.093 (38.2%fib), any close above will push the pair towards 18.897 (Nov 18th high).

• Strong support is seen at 17.891 (50%fib) and break below could take the pair towards 17.833 (50%fib)

Recommendation: Good to buy  around 18.000 with stop loss of 17.900  and target price of 18.200

  • Market Data
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