FxWirePro: USD/ZAR bulls gear up for next leg higher, eyes 17.400 level

•   USD/ZAR strengthened on Tuesday  as a stronger dollar prompted investors to stay away from riskier assets.

•   Investors awaited U.S. economic data after the longest government shutdown on record, with the September jobs report expected on Thursday..

• Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. policy and economic data.

•Domestically focused traders await figures on October consumer inflation   and September retail sales   due on Wednesday, followed by the central bank's interest rate   decision on Thursday for clues on the health of Africa's largest economy.

• At GMT 17:11,the dollar was up 0.18% at 17.105 against South African rand .

• Immediate resistance is located at 17.242  (SMA20), any close above will push the pair towards 17.354 (50%fib).

• Strong support is seen at 17.180 (38.2%fib) and break below could take the pair towards 16.982(23.6%fib)

Recommendation: Good to buy around 17.200 with stop loss of 17.100 and target price of 17.400