• 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
