• USD/ZAR saw a slight pullback on Thursday as the rand firmed, with the delay in the national budget giving way to the G20 foreign ministers' meeting in Johannesburg.
• South Africa's rand slipped on Wednesday following a last-minute budget postponement due to disagreements within the coalition government over a proposed VAT tax hike.
• Next week, finance ministers and central bank governors from the G20 are set to gather in Cape Town for important discussions on global economic issues.
•The meeting is expected to focus on a range of topics, including international trade, financial stability, and policies aimed at addressing inflation and economic growth.
• At GMT 14:43 the pair was trading down 0.31 percent at 18.453.
• Immediate resistance is located at 18.686 (38.2%fib), any close above will push the pair towards 18.775(Higher BB).
• Strong support is seen at 18.425(50%fib) and break below could take the pair towards 18.221 (Lower BB).
Recommendation: Good to buy around 18.450 with stop loss of 18.250 and target price of 18.700
