FxWirePro: USD/ZAR extends fall, faces 38.2%fib support

• USD/ZAR  dipped  as South African rand edged up  as oil prices dipped back below $100 a barrel and on signs of potential U.S.-Iran dialogue.

•Negotiations between Washington and Tehran remained ongoing, with U.S. Vice President JD Vance saying the U.S. expects Iran to make progress toward reopening the Strait of Hormuz

• Oil prices fell below $100 a barrel as signs of potential U.S.–Iran dialogue eased supply concerns despite disruptions caused by the U.S. blockade of Iranian ports.

• U.S. President Donald Trump said Iran is willing to strike a deal but insisted any agreement must prevent Tehran from acquiring a nuclear weapon.

• Gold, a key export for South Africa, rebounded on Tuesday from a near one-week low hit in the previous session.

• Immediate resistance is located at 16.600 (Daily high), any close above will push the pair towards 16.589 (50%fib).

• Strong support is seen at 16.311(38.2%fib) and break below could take the pair towards 16.126(Lower BB).

Recommendation: Good to sell  around 16.400 with stop loss of 16.550 and target price of 16.250