FxWirePro: USD/ZAR bears maintain upper hand

• USD/ZAR edged  lower on Thursday  as rand  firmed after South Africa's trade ministry said the country remained ​compliant with domestic and international obligations on forced labour.

•  The proposal follows ​a Section 301 unfair trade practices investigation as the Trump administration seeks to rebuild emergency tariffs struck down by the Supreme Court in ​February.

• The U.S. imposed a reduced tariff of 20% on Vietnamese exports, significantly lower than the initially threatened 46%, easing fears of a more aggressive protectionist stance and boosting market sentiment.

•Oil prices fell about 3% on Thursday after a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the U.S.-Israeli war

• The Republican-led U.S. House of Representatives approved a resolution ​to block President Donald Trump from continuing the ​war ⁠against Iran, reflecting growing concern among members of his party about the three-month-old conflict.

 • Like other risk-sensitive currencies, the rand tends to follow global ​drivers in the absence of major domestic data.

• Immediate resistance is located at 16.400(SMA 20), any close above will push the pair towards 16.456(50%fib).

• Strong support is seen at 16.37(38.2%fib) and break below could take the pair towards 16.082(Lower BB)

Recommendation: Good to sell  around 16.300 with stop loss of 16.500 and target price of 16.200