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FxWirePro: USD/ZAR loses momentum but bullish setup remains

• The USD/ZAR initially gained but gave ground  as dollar weakened  after news of Washington's aim to begin talks on ending the Russia-Ukraine war.

• On Wednesday, U.S. President Donald Trump said both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace during separate phone calls with him.

• The announcement overshadowed higher than expected U.S. consumer prices in January, and pushed the dollar lower.

 •At GMT 11:30, the pair was trading down 0.14 percent  at 18.477

• Immediate resistance is located at 18.673 (38.2%fib), any close above will push the pair towards 18.790(Higher BB).

• Strong support is seen at 18.399 (38.2%fib) and break below could take the pair towards 18.259 (Lower BB)

Recommendation: Good to buy  around 18.400 with stop loss of 18.200 and target price of 18.600

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