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FxWirePro: USD/ZAR falls after sharp midweek moves

• 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

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