• The USD/ZAR dropped sharply on Friday as the risk-sensitive rand strengthened amid broad weakness in the U.S. dollar.
• The dollar fell against major currencies on Friday as ongoing tariff disputes eroded investor confidence in its safe-haven appeal.
• The rand experienced sharp swings this week, hitting a record low against the dollar on Wednesday before recovering strongly following Trump’s 90-day tariff suspension for key trade partners, including South Africa.
• The South African rand remains highly sensitive to changes in market sentiment, which has deteriorated sharply amid Trump’s escalating global tariff war.
• Immediate resistance is located at 19.401(38.2%fib), any close above will push the pair towards 19.616(April10th high).
• Strong support is seen at 19.109(50%fib) and break below could take the pair towards 18.830(61.8%fib)
Recommendation: Good to buy around 19.100 with stop loss of 18.800 and target price of 19.700
