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FxWirePro: USD/ZAR neutral in the near-term, scope for downward resumption

• The USD/ZAR eased on Wednesday  as rand  staged a slight recovery amid a broad-based dollar decline.

• Strong demand for U.S. bonds, expectations of lower interest rates, and economic growth concerns have outweighed typical safe-haven dollar buying amid trade war fears and Ukraine tensions.

• Looking ahead, investors await key U.S. data, including ADP employment change and ISM services PMI on Wednesday, jobless claims on Thursday, and February's jobs report on Friday.

 •At GMT 12:25, the pair was trading down 0.09 percent  at 18.411

• Immediate resistance is located at 18.611  (38.2%fib), any close above will push the pair towards 18.733(Feb 23rd high).

• Strong support is seen at 18.351 (50%fib) and break below could take the pair towards 18.212(Lower BB)

Recommendation: Good to sell around 18.420 with stop loss of 18.650 and target price of 18.200

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