• USD/ZAR strengthen on Tuesday as firmeer greenback and downbeat South African Q2 GDP data weighed on South African rand.
• Gross domestic product expanded 0.4% in quarter-on-quarter seasonally-adjusted terms in April to June , below the 0.5% forecast by economists , figures released by Statistics South Africa showed.
At GMT 16:49, the pair was trading up 0.75 percent at 17.493 after reaching daily high at 18.000.
• Immediate resistance is located at 18.036 (50%fib), any close above will push the pair towards 18.220 (61.8%fib).
• Strong support is seen at 17.840(38.2%fib) and break below could take the pair towards 17.600 (23.6%fib).
Recommendation: Good to buy around 17.940 with stop loss of 17.830 and target price of 18.150
