• USD/ZAR declined on Thursday as South Africa's rand started the new year on a positive note on after a volatile end to 2024.
• Trade in the rand was volatile in November and December following Donald Trump's election, amid uncertainty over his proposed tariffs, policies, and a more hawkish Federal Reserve outlook.
• At GMT 11:39, the pair was trading down 0.23 percent at 17.802.
• Immediate resistance is located at 18.908 (23.6%fib), any close above will push the pair towards 19.000(Psychologicallevel).
• Strong support is seen at 18.651 (38.2%fib) and break below could take the pair towards 18.432(50%fib).
Recommendation: Good to buy around 18.720 with stop loss of 18.500 and target price of 19.000