• USD/ZAR steadied around 17.690 on Thursday as market awaited insights from the U.S. Federal Reserve’s annual Jackson Hole symposium on economic outlook and policy direction.
• Fed Chair Powell is set to speak Friday, as investors gauge whether he will prioritize boosting employment or controlling inflation.
• Trump has repeatedly slammed Powell for delaying rate cuts and called for his resignation, while noting he cannot remove Fed board members due to their independent status.
• Investors anticipate Trump may replace Powell, whose term ends in May, with a more dovish Fed chair.
• The rand, like other risk-sensitive currencies, is often influenced by global factors such as U.S. policy and geopolitical developments.
• At GMT 10:18,the dollar was up 0.29% at 17.690 against South African rand.
• Immediate resistance is located at 17.772(SMA 20), any close above will push the pair towards 17886(38.2%fib).
• Strong support is seen at 17.474(23.6%fib) and break below could take the pair towards 17.328(Lower BB)
Recommendation: Good to buy around 17.650 with stop loss of 17.500 and target price of 18.000
