• USD/ZAR traded flat on Tuesday as investors awaited fresh domestic catalysts for potential policy signals from South Africa .
• A key business cycle indicator measuring the outlook for South Africa’s economy rose 0.9% month-on-month in July, central bank data showed on Tuesday, though the release had little impact on the rand.
• Other domestic data due this week include the producer price index and a central bank report on second-quarter economic trends
• Immediate resistance is located at 17.489 (SMA 20), any close above will push the pair towards 17.534 (38.2%fib).
• Strong support is seen at 17.292(23.6%fib) and break below could take the pair towards 17.189 (Lower BB).
Recommendation: Good to sell around 17.330 with stop loss of 17.600 and target price of 17.200
