FxWirePro: USD/ZAR changes short term trend from neutral to bearish

• USD/ZAR   edged lower on Monday as investors awaited a batch of month-end economic data to assess the state of Africa's largest economy and anti-immigration protests planned for Tuesday.

•The U.S. dollar was little changed against a basket of currencies on Monday, while oil prices advanced as renewed U.S.-Iran strikes exposed the fragility of their interim peace deal and continued to disrupt energy shipments through the Strait of Hormuz, keeping investors cautious.

•On the Geopolitical front, Iran and the United States agreed to halt hostilities and resume talks over the Strait of Hormuz, raising hopes of preserving an interim peace deal after days of retaliatory strikes.

•On the domestic front, investors will track releases including South Africa's money supply  , private sector credit  , the central bank's inflation expectations survey, as well as trade balance   and budget balance data..

•Like other risk-sensitive currencies, the rand often takes ​cues from global drivers such as U.S. policy and ​economic data in addition to domestic reports.

• Immediate resistance is located at 16.514(50%fib), any close above will push the pair towards 16.687(Higher BB)

• Strong support is seen at 16.382(SMA20) and break below could take the pair towards 16.188(38.2%fib).

Recommendation: Good to sell around 16.430  with stop loss of 16.700 and target price of 16.200