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FxWirePro: USD/ZAR runs out of steam but maintains bullish outlook

• USD/ZAR declined on Thursday  as South Africa's rand started the new year on a positive note on after a volatile end to 2024.

• Trade in the rand was volatile in November and December following Donald Trump's election, amid uncertainty over his proposed tariffs, policies, and a more hawkish Federal Reserve outlook.

• At GMT 11:39, the pair was trading down 0.23 percent  at 17.802.

• Immediate resistance is located at 18.908  (23.6%fib), any close above will push the pair towards 19.000(Psychologicallevel).

• Strong support is seen at 18.651 (38.2%fib) and break below could take the pair towards 18.432(50%fib).

Recommendation: Good to buy around 18.720 with stop loss of 18.500   and target price of 19.000

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