• USD/ZAR strengthened on Tuesday as investors pulled back from riskier assets following heightened tensions between Russia and the United States over Ukraine.
• On Tuesday, President Putin approved an updated nuclear doctrine, designed to make potential adversaries recognize the inevitability of retaliation for any attack on Russia or its allies.
• This sparked a shift in investor sentiment, driving demand for safe-haven currencies like the U.S. dollar.
At GMT 14:25, the pair was trading up 0.59 percent at 18.051 after reaching daily high at 18.167.
• Immediate resistance is located at 18.119 (38.2%fib), any close above will push the pair towards 18.175(Daily high).
• Strong support is seen at 17.902 (50%fib) and break below could take the pair towards 17.861(SMA 11).
Recommendation: Good to buy around 18.000 with stop loss of 17.800 and target price of 18.250