FxWirePro: USD/ZAR dips below lower range, bearish bias increases

• The USD/ZAR slipped lower on Tuesday as   rand firmed, helped by the bounce back in commodity prices.

• Gold and silver surged on Tuesday, with bullion poised for its largest daily gain since November 2008, as investors rushed to buy after the metals’ steepest two‑day drop in decades.

• Despite the historic drop in gold and silver, analysts remain bullish, forecasting further record highs for the metals later this year.

•Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. policy in addition to local factors.

• Immediate resistance is located at 16.067(50%fib), any close above will push the pair towards 16.209(SMA 20).

• Strong support is seen at 15.878(38.2%fib) and break below could take the pair towards 15.723(Lower BB)

Recommendation: Good to sell around 16.000 with stop loss of 16.200 and target price of 15.900