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FxWirePro: USD/ZAR firms but outlook still bearish

•   USD/ZAR firmed on Friday  as South African rand softened   as investors booked profits from a commodity rally spurred by geopolitical tensions.

•   Most commodities stayed flat on Friday as traders took profits after a rally driven by safe-haven demand.

•  On Wednesday, gold surged above $4,000 per ounce, its first time at that level, but retreated following a ceasefire deal between Israel and Hamas.

• Investors focused on domestic markets will watch upcoming business confidence, mining production, and retail sales figures for clues on economic health.

• At GMT 09:26,the dollar was up 0.10% at 17.257 against South African Rand .

• Immediate resistance is located at 17.266  (SMA 20), any close above will push the pair towards 17.323(38.2%fib).

• Strong support is seen at 17.081 (23.6%fib) and break below could take the pair towards 17.055(Lower BB)

Recommendation: Good to sell around 17.300 with stop loss of 17.500 and target price of 17.000

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