FxWirePro: USD/ZAR remains buoyant, looks to extend gains

• USD/ZAR dipped on Monday   as  South African weakened   as mixed signals from Iran and the United States dimmed hopes of a possible quick end to the Middle East conflict.

• Donald Trump said Iran’s new leaders are “very reasonable,” even as more U.S. troops deployed to the region and Tehran warned it would not accept humiliation.
 
• Gold edged higher on Monday as the dollar softened, though gains were limited by rising energy prices that intensified inflation concerns.

• Oil prices are set for a record monthly surge, with Brent crude climbing above $115 per barrel after Yemen’s Houthis attacked Israel, escalating the conflict and worsening inflation concerns..

• On the data front  , South African Reserve Bank showed that M3 money supply growth last month was 8.39%, up from 7.44% in January. Private sector credit growth for February was 10.50%, above January's 8.83%.

• Immediate resistance is located at 17.225(38.2%fib), any close above will push the pair towards 17.291(Higher BB).

• Strong support is seen at 17.043(Daily low) and break below could take the pair towards 16.915 (50%fib)

Recommendation: Good to buy around 17.100 with stop loss of 16.700  and target price of 17.300