FxWirePro: USD/ZAR reverses gains as Trump’s tariff remarks fuel trade war fears

• The USD/ZAR initially gained but reversed course on Monday   after U.S. President Donald Trump's latest remarks on tariffs added to trade war worries that had somewhat abated last week.

• Over the weekend, Trump announced 25% tariffs on all steel and aluminium imports into the U.S., unsettling economies like Canada, Mexico, and Brazil that export steel to the U.S.

• This follows Trump’s initial tariff order on February 1, which included a one-month reprieve for Mexico and Canada after negotiations.

 •At GMT 11:47, the pair was trading up 0.14 percent  at 17.401

• Immediate resistance is located at 18.661 (38.2%fib), any close above will push the pair towards 18.886(Jan 28th high).

• Strong support is seen at 17.373 (50%fib) and break below could take the pair towards 18.233 (Lower BB)

Recommendation: Good to buy  around 18.300 with stop loss of 18.150 and target price of 18.500