FxWirePro: USD/ZAR gains ground amid dollar strength

• USD/ZAR edged higher on Monday as the rand gave back some recent gains, weighed down by a firmer greenback.

• The rand had drawn strength in recent days from growing market confidence that the country's repeatedly delayed budget would be approved..

• South Africa’s parliament approved the final major budget bill late Wednesday, after the ruling coalition’s two largest parties resolved months of disputes.

• In the absence of key domestic releases, global factors are expected to steer rand movements for the remainder of the week..

• At GMT 10:39,the dollar   was up 0.62 % at 17.602 against South African rand.

• Immediate resistance is located at 17.708(38.2%fib), any close above will push the pair towards 17.763(50%fib).

• Strong support is seen at 17.467(38.2%fib) and break below could take the pair towards 17.357(Lower BB)

Recommendation: Good to sell around 17.650 with stop loss of 17.770  and target price of 17.200