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

• USD/ZAR  rose higher as South Africa's rand weakened   as a stronger dollar and rising oil prices weighed on risk sentiment.

•The U.S. dollar strengthened against a basket of currencies and was on track for its biggest weekly gain in over two months.

•Oil prices rose more than 1% after President Donald Trump said China wanted to buy U.S. oil, while concerns over ship attacks and seizures in the Strait of Hormuz persisted despite Iran saying around 30 vessels had crossed the waterway.

•Like other risk-sensitive currencies, the rand often takes cues from global drivers. It has been at the mercy of global market sentiment since the start of the U.S.-Israeli war with Iran at the end of February.

• Immediate resistance is located at 16.798 (Higher BB), any close above will push the pair towards 16.904(38.2%fib).

• Strong support is seen at 16.633(Daily low) and break below could take the pair towards 16.557(SMA 20).

Recommendation: Good to buy  around 16.650 with stop loss of 16.400 and target price of 16.800