FxWirePro: USD/ZAR slips below 17.500, bearish momentum builds

• USD/ZAR slipped lower on Thursday  as upbeat U.S. employment figures and a newly signed U.S.-Vietnam trade deal lifted investor appetite for emerging market currencies.

•  Investors took some relief from progress on the trade front, after U.S. President Donald Trump finalized a trade deal with Vietnam on Wednesday..

• The U.S. imposed a reduced tariff of 20% on Vietnamese exports, significantly lower than the initially threatened 46%, easing fears of a more aggressive protectionist stance and boosting market sentiment..

• U.S. job growth remained solid in June, and the unemployment rate unexpectedly declined, signaling a resilient labor market that could give the Federal Reserve more room to delay its rate-cutting cycle.

 •At GMT 15:49, the pair was trading down  0.38 percent  at 17.491

• Immediate resistance is located at 17.744(38.2%fib), any close above will push the pair towards 17.792(SMA 20).

• Strong support is seen at 17.436(38.2%fib) and break below could take the pair towards 17.258(Nov 7th low)

Recommendation: Good to sell  around 17.500 with stop loss of 18.000 and target price of 17.200