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FxWirePro: USD/ZAR outlook weaker on renewed downside pressure

• The USD/ZAR slipped loweron Monday   as south African rand was boosted by higher gold price.

•Gold traded just above the $5,000-per-ounce level as investors awaited jobs and inflation data due later in the week to gauge the trajectory of U.S. interest rates.

• Gold and platinum prices have recovered from their lows, offering some comfort that the ZAR.

• On the data front, South Africa's statistics agency will also publish December mining and manufacturing figures on Thursday.

• Immediate resistance is located at 16.067(38.2%fib), any close above will push the pair towards 16.126(SMA 20).

• Strong support is seen at 15.870 (Daily low) and break below could take the pair towards 15.590(23.6%fib)

Recommendation: Good to sell around 15.930 with stop loss of 16.000 and target price of 15.850

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