• USD/ZAR hovers around 18.065 on Wednesday as investors braced for a rate cut by the U.S. Federal Reserve later in the day.
• All eyes are on the Federal Reserve, which is widely expected to deliver a 25-basis-point interest rate cut on Wednesday
• The outcome of the U.S. Federal Reserve meeting on Wednesday is unlikely to come as a surprise and is not expected to trigger significant market volatility.
• At GMT 13:56, the pair was trading up 0.07 percent at 18.070.
• Immediate resistance is located at 18.128 (23.6%fib), any close above will push the pair towards 18.275(Higher BB).
• Strong support is seen at 17962 (38.2%fib) and break below could take the pair towards 17830(50%fib).
Recommendation: Good to buy around 18.020 with stop loss of 17.800 and target price of 18.200
