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FxWirePro: USD/ZAR gains as investors await South Africa’s fiscal outlook

• The USD/ZAR  strengthened  on Monday    as rand weakened as investors awaited the upcoming national budget speech and monitored U.S. foreign policy developments.

• Investor focus will be on Finance Minister Enoch Godongwana's highly anticipated national budget presentation on Wednesday..

• The budget was unexpectedly postponed last month due to disagreements within the coalition government over a proposed two-percentage-point increase in value-added tax.

 •At GMT 15:34, the pair was trading up 0.36 percent  at 18.266

• Immediate resistance is located at 18.349  (50%fib), any close above will push the pair towards 18.643(38.2%fib).

• Strong support is seen at 18213 (Daily low) and break below could take the pair towards 18.050(61.8%fib)

Recommendation: Good to buy around 18.250 with stop loss of 18.050 and target price of 18.500

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