• USD/ZAR dipped initially but regained some ground on Friday as the South African rand strengthened against the greenback in volatile holiday-thinned trade.
• Trading volumes are expected thinout due during the week that is shortened by the holidays as year-end draws near.
• The rand has dropped nearly 1% against the US dollar in 2024, continuing its volatile trend influenced by geopolitics, global sentiment, and the May national election.
• At GMT 11:02 the pair was trading down 0.24 percent at 18.754.
• Immediate resistance is located at 18.869 (23.6%fib), any close above will push the pair towards 18.948(Higher BB).
• Strong support is seen at 18.597(38.2%fib) and break below could take the pair towards 18.371(50%fib).
Recommendation: Good to buy around 18.720 with stop loss of 18.600 and target price of 18.900.
