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FxWirePro: USD/ZAR gains some upside as rand weakens after sour local jobs data

• USD/ZAR  rose higher  after data showed a rise in unemployment in Africa's most industrialised economy in the first quarter of 2026.

• South Africa's unemployment rate rose to 32.7% , from 31.4% (ZAUNR=ECI), data from the statistics agency showed on Tuesday.

• The official jobless rate has been above 30% for more than five years and is among the highest in the world.

• Separate data from Statistics South Africa showed manufacturing output rose 0.9% year-on-year in March beating analysts' expectations of a 0.3% increase  .

• Like other risk-sensitive currencies, the rand is influenced by global factors as well as domestic economic data.

• Immediate resistance is located at 16.588 (50%fib), any close above will push the pair towards 16.843(May 5th high).

• Strong support is seen at 16.384(Daily low) and break below could take the pair towards 16.206(61.8%fib).

Recommendation: Good to buy  around 16.500 with stop loss of 16.200 and target price of 16.700

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