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FxWirePro: USD/ZAR poised for further gains to revisit a key fibonacci level

• The USD/ZAR rose strongly  on Thursday   as   South African rand dropped  wrapping up a volatile trading week that was heavily influenced by Donald Trump's victory in the U.S. presidential election.

• This week, the rand has largely followed global trends, reacting to factors such as expectations for U.S. interest rates and the Federal Reserve's latest monetary policy announcement on Thursday.

• The rand plunged on Wednesday following the news that Trump had won the U.S. presidential race, but it reversed course on Thursday.

 •At GMT 16:27, the pair was trading up 1.57 percent  at 17.566

• Immediate resistance is located at 17.681(23.6%fib), any close above will push the pair towards 17.722(Higher BB).

• Strong support is seen at 17.556 (50%fib) and break below could take the pair towards 17.458(61.8%fib)

Recommendation: Good to buy  around 17.550 with stop loss of 17.450 and target price of 17.700

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