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FxWirePro: USD/ZAR edges higher ahead of South African employment data

• USD/ZAR edged higher  on Tuesday as South African rand weakened      as higher oil prices weighed on sentiment.

• The US dollar   was steady against a basket of currencies, while oil prices rose for a second successive session amid lingering concern over Middle East supply disruption.

• Investors awaiting for domestic economic data for clues on the health of Africa's largest economy.

• Statistics South Africa is due to release formal sector employment data, excluding agriculture, at around 0930 GMT.

• Like other risk-sensitive currencies, the rand tends ​to take its cues from global developments, including U.S. economic data and policy signals..

• Immediate resistance is located at 16.510(Higher BB), any close above will push the pair towards 16.548(50%fib).

• Strong support is seen at 16.266(38.2%fib) and break below could take the pair towards 16.190(SMA 20).

Recommendation: Good to sell around 16.500 with stop loss of 16.700 and target price of 16.200

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