• USD/ZAR edged higher on Monday as the rand weakened ahead of key South African economic data due this week, including GDP, current account, mining and manufacturing figures.
• South Africa's net foreign reserves rose to $73.69 billion at the end of August from $71.76 billion in July, central bank data showed on Monday.
•Focus will now turn to second-quarter GDP data due on Tuesday, followed by current account , mining and manufacturing figures on Thursday.
•Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. economic indicators, in addition to domestic economic data.
• Immediate resistance is located at 16.091 (SMA20), any close above will push the pair towards 16.217(38.2%fib).
• Strong support is seen at 15.909(Lower BB) and break below could take the pair towards 15.825(23.6%fib).
Recommendation: Good to sell around 16.100 with stop loss of 16.200 and target price of 15.900
