FxWirePro: USD/ZAR pulls back after early gains

• USD/ZAR rose initially on Wednesday but pulled back as markets awaited key U.S. data for guidance on the Fed’s rate outlook.

•South African business conditions improved slightly in August as cost pressures eased, according to the S&P Global PMI.Headline PMI was 50.1, down from 50.3 in July, marking the fourth straight month above the 50.0 growth threshold.

•South Africa's consumer price inflation rose to 3.5% year-on-year in July, driven up by food and fuel prices.

• Traders will also monitor a court ruling declaring most of Trump’s tariffs illegal, alongside his ongoing clash with the Fed over the attempted firing of Governor Lisa Cook.

• Like other risk-sensitive currencies, the rand is influenced by global factors, including U.S. economic data and policy decisions.

 • Immediate resistance is located at 17.742(38.2%fib), any close above will push the pair towards 17.844(Higher BB).

• Strong support is seen at 17.621(SMA 20)and break below could take the pair towards 17.422 (23.6%fib).

Recommendation: Good to buy around 17.600 with stop loss of 17.400 and target price of 18.000