FxWirePro: USD/ZAR slips sharply lower as US-Iran ceasefire lifts risk appetite

• USD/ZAR slipped sharply lower on Wednesday as South Africa's risk-sensitive rand rose as US-Iran ceasefire lifts risk appetite.

• Trump’s last-minute shift came just before his deadline for Iran to reopen the Strait of Hormuz—a key route handling about 20% of global oil .

• The currency has remained highly sensitive to global risk sentiment since the conflict began on February 28, with Iranian retaliation driving volatility across emerging markets.

• Oil prices tumbling below $100 a barrel and lifting assets in net-energy importing nations like South Africa.

•The rand dropped nearly 6% last month, with economists expecting higher inflation in the energy-importing economy.

• Immediate resistance is located at 16.410  (50%fib), any close above will push the pair towards 16.745 (61.8%fib).

• Strong support is seen at 16.256(Daily low) and break below could take the pair towards 16.102(Lower BB).

Recommendation: Good to sell  around 16.360 with stop loss of 16.500 and target price of 16.200