FxWirePro: USD/ZAR recovers slightly but bears are not done yet

• USD/ZAR edged higher on Tuesday as the South African rand weakened amid persistent “risk-off” sentiment in global markets.

•Geopolitical tensions remain elevated as President Donald Trump’s threats to impose additional tariffs on European allies weighed on global sentiment and triggered a fresh rush into safe-haven assets.

•Investors remained cautious, favouring safe-haven assets, while domestically focused traders turned their attention to upcoming mining production data for signals on the health and momentum of Africa’s most industrialised economy.

• Domestically focused investors will turn to the country’s statistics agency, which is set to release November mining output figures  at 09:30 GMT.

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

• Immediate resistance is located at 16.484 (SMA 20), any close above will push the pair towards 16.602(38.2%fib).

• Strong support is seen at 16.309(23.6%fib) and break below could take the pair towards 16.225(Lower BB)

Recommendation: Good to sell around 16.440with stop loss of 16.600 and target price of 16.200