FxWirePro: USD/ZAR tracks lower on broad dollar softness

• USD/ZAR dipped on Friday  as dollar weakened as  investors weighed signs that tariffs may be starting to increase some inflation pressures.

• Data on Tuesday showed that consumer prices rose in June, though the increase was seen as moderate. Wednesday’s producer price inflation report, meanwhile, showed that prices were steady last month.

•Meanwhile, In a communique issued after a two-day summit in Durban, South Africa, G20 finance ministers highlighted the critical role of central bank independence in ensuring economic stability.

•On the data front, South African investor focus next week will be on the country's May business cycle leading indicator   and June consumer inflation  data for clues about the health of Africa's most industrialized economy.

• At GMT 15:32,the dollar   was down 0.73 % at 17.670  against South African rand.

• Immediate resistance is located at 17.971(38.2%fib), any close above will push the pair towards 18.115(Higher BB).

• Strong support is seen at 17.517(50%fib) and break below could take the pair towards 17.408(Lower BB)

Recommendation: Good to buy around 17.550 with stop loss of 17.200  and target price of 18.000