• USD/ZAR rose on Wednesday as South African rand continue to weakened following the collapse of budget talks between the DA and ANC.
• On Wednesday, South Africa's Democratic Alliance (DA) party rejected the country's contested budget as lawmakers convened to vote on it in parliament..
• The budget, originally set for February, was delayed and a revised version was presented last month. Its most contentious aspects include proposals to raise value-added tax and not adjust personal income tax brackets for inflation.
•Meanwhile, investors prepared for the looming impact of sweeping tariff announcements expected from the Trump administration later on Wednesday.
• Immediate resistance is located at 18.750 (38.2%fib), any close above will push the pair towards 19.000(Psychological level).
• Strong support is seen at 18.499 (50%fib) and break below could take the pair towards 18.421(Daily low).
Recommendation: Good to buy around 18.550 with stop loss of 18.350 and target price of 18.700
