FxWirePro: USD/ZAR under pressure ahead of U.S. payrolls

• USD/ZAR slipped lower on Thursday  as  South African rand firmed  , supported by a weaker dollar and firmer commodities prices

• Oil prices headed for a fourth day of gains as U.S. strikes on ⁠Iran and ​renewed Israeli threats against Tehran revived concerns about disruptions ​to Middle East supplies..

• Spot silver gained 2.8% to $67.14, platinum rose 3.8% to $1,826.58, and palladium climbed 5.9% to $1,424.75.

•Investors now await the non-farm payrolls report due on Friday after the ADP employment report on Wednesday showed U.S. private payrolls increased moderately in August.

Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. economic indicators, in addition to domestic economic data.

• Immediate resistance is located at 16.101(SMA20), any close above will push the pair towards 16.212(38.2%fib).

• Strong support is seen at 15.929(Lower BB) and break below could take the pair towards 15.855(23.6%fib).

Recommendation: Good to sell around 16.100 with stop loss of 16.200 and target price of 15.900