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FxWirePro: USD/ZAR longs gain traction as South African rand weakens ahead of interest rate decision

• USD/ZAR strengthened on Thursday as     rand slipped   ahead of an interest rate decision by the central bank.

• The South African Reserve Bank will announce its final interest rate decision of the year later on Thursday.

• Economists polled   expect the central bank to reduce the repo rate by 25 basis points on Thursday.

 At GMT 08:33 the pair was trading up 0.26 percent  at 18.167.

• Immediate resistance is located at 18.180(38.2%fib), any close above will push the pair towards 18.306(Nov 25th high).

• Strong support is seen at 18.099(5SMA) and break below could take the pair towards 17.978 (50%fib).

Recommendation: Good to buy around 18.100 with stop loss of 17.980 and target price of 18.250

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