• USD/ZAR dipped on Wednesday as ongoing concerns around U.S. tariffs and its negotiations kept investors on edge.
• On Tuesday, U.S. President Donald Trump reached an agreement with Indonesia to impose a 19% tariff on imports from the country, easing tensions from the previously threatened 32% rate..
• President Trump added that letters outlining tariff rates for dozens of smaller countries would be issued soon, with rates expected to exceed 10%.
•on the data front, South African retail sales increased by 4.2% year-on-year in May, following a revised 5.2% rise in April, according to data released by Statistics South Africa on Wednesday..
• At GMT 15:14,the dollar was up 0.04 % at 17.877 against South African rand.
• Immediate resistance is located at 18.790(SMA 20), any close above will push the pair towards 18.889(38.2%fib).
• Strong support is seen at 18.555(23.6%fib) and break below could take the pair towards 18.362(Lower BB)
Recommendation: Good to buy around 18.700 with stop loss of 18.400 and target price of 19.100
