FxWirePro: USD/ZAR gains some ground but outlook still bearish

• USD/ZAR strengthen on Tuesday as rand weakened   ahead of  slew of central bank policy announcements and a possible trade deal between the world's two biggest economies.

• Investors will turn their attention to a series of major central bank meetings this week, including those of the Bank of Japan, Bank of Canada, European Central Bank, and the U.S. Federal Reserve.

• Top Chinese and U.S. officials agreed on a draft trade deal Sunday, setting the stage for Presidents Trump and Xi to finalize it at their Thursday meeting in South Korea.

• The trade deal would suspend higher U.S. tariffs and China’s export controls on rare earths, easing investor concerns over tensions between the world’s two largest economies.

•Meanwhile, traders will watch key South African data this week, including money supply, credit, trade, budget, and producer inflation, for signals on Africa’s largest economy.

• Immediate resistance is located at 17.273 (SMA 20), any close above will push the pair towards 17.383 (Higher BB).

• Strong support is seen at 17.084(23.6%fib) and break below could take the pair towards 17.062 (Lower BB).

Recommendation: Good to sell  around 17.260 with stop loss of 17.500 and target price of 17.100