• USD/ZAR edged lower Thursday as the rand gained ground, helped by steady commodity prices following the Federal Reserve’s rate hike and hawkish policy signals.
• South Africa's key export commodities gained, with gold rising 1.2% to $4,314.64 per ounce and platinum climbing 1.9% to $1,784.42 as investors assessed the Fed's move.
• The Fed raised rates by 25 basis points and signalled more hikes, as policymakers warned that inflation could worsen..
• South Africa's monetary policy committee is due to meet next week to decide on the country's interest rate path.
•Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. economic indicators, in addition to domestic economic data.
• Immediate resistance is located at 16.392(50%fib), any close above will push the pair towards 16.452(Higher BB).
• Strong support is seen at 16.181(50%fib) and break below could take the pair towards 16.090(SMA20).
Recommendation: Good to buy around 16.200 with stop loss of 16.000 and target price of 16.400
