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FxWirePro: USD/ZAR heads deeper into bear territory, bears plotting path toward 17.000

• The USD/ZAR fell further on Friday  as South Africa's rand extended gains against weaker  the dollar  amid improved risk appetite.

• South Africa's rand has risen steadily since last week's significant interest rate hike by the Federal Reserve, reaching multiple 20-month highs.

•At GMT 16:47, the pair was trading down 0.37 percent  at 17.099  

• Immediate resistance is located at 17.255 (Daily high), any close above will push the pair towards 17.312(50%fib).

• Strong support is seen at 17.071 (23.6%fib) and break below could take the pair towards 17.000(Psychological level)

Recommendation: Good to sell around 17.090 with stop loss of 17.180 and target price of 17.000

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