• USD/ZAR edged lower on Friday after data showed South African business conditions improved for the fifth consecutive month in September.
• Business conditions in South Africa’s private sector improved for a fifth consecutive month in September, supported by increases in output and new orders, S&P Global reported Friday.
•The Purchasing Managers’ Index (PMI) rose slightly to 50.2 in September from 50.1 in August, pointing to a modest improvement in the sector. Readings above 50 indicate expansion, while those below signal contraction.
• The uptick in activity reflected a sustained moderation in cost pressures, with input prices advancing at their slowest rate in nearly twelve months..
At GMT 09:44, the pair was trading down 0.03percent at 17.250 .
• Immediate resistance is located at 17.399 (Daily high), any close above will push the pair towards 17.386 (38.2%fib).
• Strong support is seen at 17.137(23.6%fib) and break below could take the pair towards 17.090 (Lower BB).
Recommendation: Good to sell around 17.300 with stop loss of 17.450 and target price of 17.100
