• USD/ZAR dipped on Friday as dollar eased driven by optimism over a potential U.S.-Iran peace deal eased concerns around inflation and high interest rates.
• Markets were still cautious as traders assessed whether progress in U.S.-Iran negotiations would be sustained, given their implications for oil prices, inflation and global risk appetite.
• Gold prices held broadly steady on Friday and were poised for a fourth straight weekly gain.
• On the data front, next week, domestically focused investors will look to the release of inflation and retail sales data.
• Immediate resistance is located at 16.452 (50%fib), any close above will push the pair towards 16.687 (SMA 20).
• Strong support is seen at 16.122(38.2%fib) and break below could take the pair towards 15.944(Lower BB).
Recommendation: Good to sell around 16.200 with stop loss of 16.400 and target price of 16.000
