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FxWirePro: USD/ZAR rises as dollar rebounds ahead of key US economic data

• USD/ZAR firmed    on Tuesday  as  dollar rebounded  as traders returned    from the US labor day holiday.

• Traders sold have sold  the dollar amid concerns Trump’s actions may undermine Fed independence, despite unclear prospects for rate cuts..

• US economic data for August will be closely watched this week to gauge the impact of Trump’s policies on industry and the labor market.

• Like other risk-sensitive currencies, the rand typically reacts to global factors, including U.S. policy and economic data, when domestic releases are limited.

 • Immediate resistance is located at 17.787 (38.2%fib), any close above will push the pair towards 17.853(Higher BB).

• Strong support is seen at 17.558  (Daily low) and break below could take the pair towards 17.425 (Lower BB).

Recommendation: Good to buy around 17.700 with stop loss of 17.500 and target price of 18.100

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