• The USD/ZAR strengthened on Monday as rand weakened as investors looked ahead to Finance Minister Enoch Godongwana's budget speech later in the week for insights into the country’s economy.
• All eyes will be on Wednesday's budget presentation to Parliament, where the government will outline its spending priorities, revenue measures, and updated economic forecasts for the year..
• Analysts expect South Africa's budget deficit forecasts to be wider than the October estimates for the next three years.
•At GMT 14:00, the pair was trading down 0.72 percent at 18.445
• Immediate resistance is located at 18.536(50%fib), any close above will push the pair towards 18.790(38.2%fib).
• Strong support is seen at 18.298 (61.8%fib) and break below could take the pair towards 18.241 (Lower BB)
Recommendation: Good to buy around 18.400 with stop loss of 18.200 and target price of 18.600
