• USD/ZAR eased slightly on Tuesday as South African rand edged higher against greenback in holiday-thinned market.
• As the year-end approaches, trading volumes are expected to thin out during the holiday-shortened week.
•The rand has lost almost 1% of its value to the US dollar so far in 2024, following yet another erratic year during which it fluctuated in response to changes in geopolitics, global mood, and the May national election.
• At GMT 10:23 the pair was trading down 0.10 percent at 18.526.
• Immediate resistance is located at 18.609 (23.6%fib), any close above will push the pair towards 18.679(Higher BB).
• Strong support is seen at 18.350(38.2%fib) and break below could take the pair towards 18.236 (Dec23rd low).
Recommendation: Be on sidelines
