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FxWirePro: USD/ZAR rebounds as rand retreats against stronger greenback

• USD/ZAR rebounded strongly  on Tuesday  as the dollar firmed as Trump's first day back in office brought mixed signals on tariffs.

• Trump refrained from immediate tariff actions, a key concern for global markets, but indicated that tariffs on Canada and Mexico could be imposed soon.

• Like other risk-sensitive currencies, the rand is influenced by global factors such as U.S. fiscal policy, along with local influences.

• At GMT 11:11 the pair was trading up 0.75 percent  at 18.652.

• Immediate resistance is located at 18.692(50%fib), any close above will push the pair towards 18.8960(38.2%fib).

• Strong support is seen at 18.488(61.8%fib) and break below could take the pair towards 18.380 (Lower BB).

Recommendation: Good to buy around  18.620 with stop loss of 18.200 and target price of 18.900

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