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FxWirePro: USD/ZAR set for another leg higher to retest a key fibo - EconoTimes


FxWirePro: USD/ZAR set for another leg higher to retest a key fibo - EconoTimes

* USD/ZAR strengthened on Wednesday as greenback firmed as Investors looked for more clues on U.S. President-elect Donald Trump's proposed policies.

* Investors are also awaiting Trump's announcement of a Treasury Secretary, a key cabinet position responsible for overseeing the nation's financial and economic policy.

* Traders are scaling back their expectations for an interest rate cut at the Fed's December meeting, with the probability now at 55.5%, down from 82.5% just a week ago, based on CME's FedWatch Tool.

At GMT 15:26, the pair was trading up 0.26 percent at 18.117 after reaching daily high at 18.186.

* Immediate resistance is located at 18.1860(Daily high), any close above will push the pair towards 18.3443(23.6%fib).

* Strong support is seen at 18.0933 (38.2%fib) and break below could take the pair towards 17.9296 (Sep 2nd low).

Recommendation: Good to buy around 18.100 with stop loss of 17.980 and target price of 18.250

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