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FxWirePro: USD/ZAR consolidating around 18.750, room for further gains

FxWirePro: USD/ZAR consolidating around 18.750, room for further gains

• USD/ZAR strengthened against dollar on Monday as markets awaited U.S. President-elect Donald Trump's inauguration.

• Global markets will focus on Trump's policy announcements on Monday at the start of his second term for clarity on his administration's fiscal stance.

•   On the data front,investors will also focus on South Africa's November mining data on Tuesday, December inflation figures on Wednesday, and November retail sales on Thursday.

• At GMT 10:10 the pair was trading up 0.43 percent  at 18.551.

• Immediate resistance is located at 18.962(38.2%fib), any close above will push the pair towards 19.000(Psychological level).

• Strong support is seen at 18.702(38.2%fib) and break below could take the pair towards 18.603 (Dec 30th low).

Recommendation: Good to buy around  18.800 with stop loss of 18.500 and target price of 19.100

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