• USD/ZAR dipped on Wednesday as traders cautiously assessed President Donald Trump's assertion that the U.S. was in negotiations to end to the war with Iran.
• Trump said the U.S. is making progress in talks with Iran, but Tehran denied any negotiations, keeping investors cautious.
•Oil prices fell below $100 a barrel, easing inflation concerns, on the prospect of a possible ceasefire easing supply disruptions from the key Middle East producing region.
• On Thursday, investor attention will mainly be pinned on the South African Reserve Bank's interest rate decision, when economists polled by Reuters expect the bank to keep the rate steady at 6.75%.
• Immediate resistance is located at 16.957(38.2%fib), any close above will push the pair towards 17.267(23.6%fib).
• Strong support is seen at 16.718(50%fib) and break below could take the pair towards 16.569 (SMA20)
Recommendation: Good to buy around 16.500 with stop loss of 16.200 and target price of 16.900
