FxWirePro: USD/ZAR slips lower as dollar weakens after ADP Jobs data

• USD/ZAR slipped lower on Wednesday as slower U.S. private payroll growth weakened the dollar and boosted expectations for a cautious Fed policy path...

• Private-sector employment increased by 38,000 jobs in August, following a revised 46,000 gain in July, according to the ADP National Employment Report..

• The rand gained some support as risk appetite improved, with the currency sensitive to global sentiment and U.S. economic and monetary policy.

•Investor attention will remain on the U.S., with additional labour ​market data due before the end of ​the ⁠week.

• Immediate resistance is located at 16.118(SMA20), any close above will push the pair towards 16.230(38.2%fib).

• Strong support is seen at 15.920(Lower BB) and break below could take the pair towards 15.864(23.6%fib).

Recommendation: Good to sell around 16.100 with stop loss of 16.200 and target price of 15.900