• USD/ZAR edge higher on Tuesday as investors digested South Africa’s second-quarter gross domestic product numbers.
• Statistics South Africa reported that the country’s economy expanded by 0.8% on a quarter-on-quarter basis, slightly surpassing economists’ expectations of a 0.5% rise.
• Africa’s most industrialized economy sees two-year high growth, but still insufficient to tackle poverty and inequality.
• Investor attention now turns to key economic releases on Thursday, including mining production, manufacturing output, and the current account balance.
• At GMT 15:10,the dollar was up 0.17 % at 17.523 against South African rand.
• Immediate resistance is located at 17.599(SMA 20), any close above will push the pair towards 17.812(38.2%fib).
• Strong support is seen at 17.417(23.6%fib) and break below could take the pair towards 17.381(Lower BB)
Recommendation: Good to sell around 17.600 with stop loss of 17.800 and target price of 17.300
