• The USD/ZAR edged higher on Tuesday as South African rand weakened after first-quarter gross domestic product (GDP) data came in marginally better than expected.
• South Africa’s economy stagnated in Q1, growing only 0.1% as declines in mining and manufacturing offset gains in agriculture.
• Africa’s largest economy has averaged under 1% annual growth over the past decade, struggling to gain traction since the 2008–2009 global financial crisis..
•At GMT 16:15, the pair was trading up 0.75 percent at 17.876
• Immediate resistance is located at 17.779(38.2%fib), any close above will push the pair towards 18.266(50%fib).
• Strong support is seen at 17.799(23.6%fib) and break below could take the pair towards 17.638(Lower BB)
Recommendation: Good to sell around 18.000 with stop loss of 18.200 and target price of 19.800
