FxWirePro:USD/ZAR rises as South African rand weakens on budget delay

• USD/ZAR strengthened on Wednesday as the South African rand weakened following the delay of the country's budget announcement.

• South Africa's national budget was postponed at the last minute on Wednesday due to a disagreement between the political parties in the ruling coalition government.

• This delay created uncertainty around the country's fiscal policy, contributing to a weaker rand as investors reacted to the political tensions.

•Since the 2008-09 global financial crisis, South Africa has struggled to achieve high enough economic growth rates to address inequality and reduce unemployment.

• At GMT 14:43 the pair was trading up 0.97 percent  at 18.569.

• Immediate resistance is located at 18.627 (38.2%fib), any close above will push the pair towards 18.788(Higher BB).

• Strong support is seen at 18.367(50%fib) and break below could take the pair towards 18.215 (Lower BB).

Recommendation: Good to buy around 18.550 with stop loss of 18.200 and target price of 18.700