• USD/ZAR edged higher on Tuesday as South African rand softened after central bank data showed a decline in the country's foreign reserves last month.
•South Africa’s net foreign reserves fell to $71.34 billion at the end of June from $73.47 billion in May, central bank data showed on Tuesday.
•Gross reserves decreased to $74.12 billion in June from $76.58 billion in the prior month..
• The domestic economic calendar looks relatively thin this week, with May manufacturing output due on Thursday.
• Immediate resistance is located at 16.354 (SMA 20), any close above will push the pair towards 16.480(50%fib).
• Strong support is seen at 16.169(38.2fib) and break below could take the pair towards 16 .058(Lower BB).
Recommendation: Good to sell around 16.330 with stop loss of 16.500 and target price of 16.200
