• The USD/ZAR fell on Thursday as South Africa's rand extended its recent gains, supported by a rise in overall risk sentiment.
• In terms of data, South Africa recorded foreign direct investment inflows of 16.6 billion rand in the second quarter of 2024, down from 24.4 billion rand in the first quarter.
• Additionally, the statistics agency reported that South Africa's producer inflation dropped to 2.8% year-on-year in August, down from 4.2% in July.
•At GMT 16:32, the pair was trading down 0.49 percent at 17.174
• Immediate resistance is located at 17.358 (38.2%fib), any close above will push the pair towards 17.468(Sep 23rd high).
• Strong support is seen at 17.145 (23.6%fib) and break below could take the pair towards 17.035(Lower BB)
Recommendation: Good to sell around 17.190 with stop loss of 17.280 and target price of 17.080
