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FxWirePro: USD/ZAR holds onto gains ahead of US jobs data

• USD/ZAR steadied against dollar on Friday as south African rand weakened  as markets awaited U.S. non-farm payrolls data.

• Investors have been evaluating U.S. labor market data showing continued resilience, while Fed officials have adopted a more cautious tone in their remarks.

• Similar to other risk-sensitive currencies, the rand tends to follow global cues like U.S. economic data when local drivers are limited.

• At GMT 11:15 the pair was trading down 0.40 percent  at 19.017.

• Immediate resistance is located at 19.059(23.6%fib), any close above will push the pair towards 19.214(Higher BB).

• Strong support is seen at 18.866(Daily low) and break below could take the pair towards 18.750 (38.2%fib).

Recommendation: Good to buy around  19.000 with stop loss of 18.700 and target price of 19.250.

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