• The USD/ZAR declined on Wednesday as greenback weakened on uncertainty surrounding U.S. tariffs.
• U.S. President Donald Trump's tariffs have raised tensions with China, South Africa's largest trading partner, creating uncertainty and weakening the greenback in recent weeks..
• On Tuesday, Trump initiated a probe into potential new tariffs on all U.S. critical mineral imports to pressure industry leader China..
• The South African rand remains highly sensitive to changes in market sentiment, which has worsened significantly due to the ongoing escalation of Trump’s global tariff war.
• Immediate resistance is located at 19.048(50%fib), any close above will push the pair towards 19.408(38.2%fib).
• Strong support is seen at 18.715(61.8%fib) and break below could take the pair towards 18.415(April 2nd low)
Recommendation: Good to buy around 18.700 with stop loss of 18.450 and target price of 19.250
