FxWirePro: USD/ZAR sustains gains as uptrend remains strong

• USD/ZAR firmed on Wednesday as markets tracked developments in the Ukraine-Russia conflict and shifted focus to the Federal Reserve’s Jackson Hole symposium.  

• On Tuesday, U.S. President Donald Trump ruled out deploying ground troops in Ukraine but said Washington could offer air support as part of a deal to end the war with Russia.

• Trump’s remarks came after he offered security guarantees to help end the war during a rare White House summit on Monday.

•Meanwhile, Markets are focused on Powell’s speech Friday for any pushback against expectations of a rate cut next month.

• The rand, like other risk-sensitive currencies, often takes cues from global drivers such as U.S. policy and geopolitics.

• At GMT 11:33,the dollar   was up 0.33% at 17.701 against South African rand.

• Immediate resistance is located at 17.751(SMA 20), any close above will push the pair towards 17816(38.2%fib).

• Strong support is seen at 17.474(23.6%fib) and break below could take the pair towards 17.326(Lower BB)

Recommendation: Good to buy  around 17.650 with stop loss of 17.500 and target price of 18.000