• USD/ZAR strengthened on Thursday as investors awaited news about a possible U.S.-Iran peace deal.
• U.S. President Donald Trump said the U.S.-Israeli war with Iran was “close to over,” while the White House expressed optimism about a potential deal, with further in-person talks likely to take place in Pakistan.
• The greenback was also supored after data showed initial jobless claims fell by 11,000 to a seasonally adjusted 207,000 in the week ended April 11.
• Aside from war developments, U.S. President Donald Trump has revived his clash with Fed Chair Jerome Powell, threatening to remove him from the Board of Governors unless he steps down when his term as Fed chief ends on May 15.
• Immediate resistance is located at 16.433(50%fib), any close above will push the pair towards 16.608 (April 13 high).
• Strong support is seen at 16.306(Daily low) and break below could take the pair towards 16.162(Lower BB).
Recommendation: Good to sell around 16.400 with stop loss of 16.550 and target price of 16.250
