• USD/ZAR slipped on Thursday as the South African rand strengthened after U.S. President Donald Trump eased market concerns over possible U.S. military action against Iran.
• Trump said on Wednesday afternoon that the killings during Iran’s nationwide protest crackdown were easing, signaling a wait-and-see approach to the crisis..
• The U.S. dollar firmed against a basket of currencies, while gold prices eased as Trump’s seemingly softer geopolitical tone reduced safe-haven demand.
• Like other risk-sensitive currencies, the rand often takes its cues from global drivers such as U.S. policy.
• Immediate resistance is located at 16.468 (38.2%fib), any close above will push the pair towards 16.540(SMA 20).
• Strong support is seen at 16.308(38.2%fib) and break below could take the pair towards 16.262(Lower BB)
Recommendation: Good to sell around 16.350 with stop loss of 16.500 and target price of 16.200
