FxWirePro: USD/ZAR slips as weak U.S. Jobs data weighs on dollar

• USD/ZAR dipped on Thursday   as  South African rand firmed as the dollar tumbled after U.S. jobs growth came in weaker than expected.

• U.S. non-farm payrolls increased by just 57,000 in June, significantly below market expectations of 110,000, while the unemployment rate unexpectedly edged down to 4.2% from 4.3%.

•  Oil prices fell nearly 2% after Qatar announced that Iran and the United States had made progress in talks over the Strait of Hormuz, easing concerns over potential supply disruptions.

•  With no major domestic economic data to guide trading, the South African rand remained driven by global factors, particularly U.S. economic data, shifts in risk sentiment, and geopolitical developments.

 • Immediate resistance is located at 16.435  (50%fib), any close above will push the pair towards 16.604 (Higher BB).

• Strong support is seen at 16.197(Lower BB) and break below could take the pair towards 16.096 (38.2%fib).

Recommendation: Good to sell around 16.300 with stop loss of 16.500  and target price of 16.100