• USD/ZAR dipped on Thursday as investors absorbed South Africa ,Eurozone rate decisions and U.S. GDP data.
• South Africa's central bank cut its main lending rate for the third consecutive time on Thursday, citing global uncertainty and factoring in the potential impact of a trade war.
• ECB reduced the benchmark rate by 0.25 percentage points to 2.75% at its Frankfurt headquarters, focusing on boosting economic growth as inflation approaches the bank's 2% target.
• Meanwhile, U.S. economic growth slowed in the fourth quarter, with GDP rising at a 2.3% annualized rate, down from a 3.1% pace in the July-September quarter.
• At GMT 14:47 the pair was trading down 0.14 percent at 18.501.
• Immediate resistance is located at 18.773(38.2%fib), any close above will push the pair towards 18.887(Jan 28th high)
• Strong support is seen at 18.844(50%fib) and break below could take the pair towards 18.274 (Lower BB).
Recommendation: Good to buy around 18.480 with stop loss of 18.300 and target price of 18.700
