FxWirePro: USD/ZAR near key fib support as risk currencies advance

• USD/ZAR dipped    on Monday as  rand gained after the United States reported weaker-than-expected jobs data

• Friday’s U.S. nonfarm payrolls report for July fell short of forecasts, with significant downward revisions to the May and June figures.

• Meanwhile, President Donald Trump’s dismissal of the head of Labor Statistics added to concerns over the reliability of U.S. economic data.

• South Africa’s rand, similar to other risk-sensitive currencies, is heavily influenced by global factors like U.S. economic data and policy shifts.

• At 13:41 GMT, the dollar was trading at 17.963 down  0.35% against the rand,

• Immediate resistance is located at 18.103 (38.2%fib), any close above will push the pair towards 18.325(23.6%fib).

• Strong support is seen at 17.914 (38.2%fib) and break below could take the pair towards 17.810 (SMA 20).

Recommendation: Good to buy around 17.900 with stop loss of 17.400 and target price of 18.300