• 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
