• USD/ZAR fell on Tuesday as the South African rand firmed as markets looked ahead to Wednesday's national budget.
• Finance Minister Enoch Godongwana’s budget speech is expected to outline the ruling coalition’s fiscal priorities, plans to tackle national debt, and proposed economic reforms..
• Analysts say the macroeconomic backdrop remains relatively favorable and expect this year’s budget to reflect further progress in fiscal consolidation.
•On the data front, producer price inflation data is due on Thursday, and money supply , private sector credit , trade balance and budget balance figures is due on Friday.
• Immediate resistance is located at 16.040 (Daily high), any close above will push the pair towards 16.141 (50%fib).
• Strong support is seen at 15.914(38.2%fib) and break below could take the pair towards 15.730 (Lower BB).
Recommendation: Good to sell around 16.000 with stop loss of 16.600 and target price of 15.900
