• USD/ZAR slipped lower on Friday as Fed cut interest rates by 50 bps on Wednesday, weakening the dollar boosted the risk-sensitive rand.
• The South African Reserve Bank joined the ranks of central banks easing monetary policy by announcing a 25 basis point rate cut on Thursday, marking its first reduction in over four years.
• South African rate decision follows the Federal Reserve's first 50-basis-point rate cut in over four years .
• At 17:57 GMT, the rand was trading at 17.446 down 0.06% against the dollar, lowest level since 28th July 2023.
• Immediate resistance is located at 17.603 (Daily high), any close above will push the pair towards 17.645(50%fib).
• Strong support is seen at 17.449 (23.6%fib) and break below could take the pair towards 17.388 (Lower BB).
Recommendation: Good to sell around 17.470 with stop loss of 17.510 and target price of 17.380
