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FxWirePro: USD/ZAR sustains gains as uptrend remains strong

• USD/ZAR firmed  on Tuesday as South African rand weakened after the release of a local leading business cycle indicator.

• South Africa's composite leading business cycle indicator rose 0.4% month on month in June, central bank data showed on Tuesday.

• Later this week, markets awaited  producer inflation (Thursday), and money supply, private sector credit, trade balance, and budget balance data (Friday) to gauge economic trends.

• At GMT 16:21 ,the dollar   was up 0.08 % at 17.608against South African rand.

• Immediate resistance is located at 17.710(SMA 20), any close above will push the pair towards 17.794(38.2%fib).

• Strong support is seen at 17.390(23.6%fib) and break below could take the pair towards 17.246(Lower BB)

Recommendation: Good to buy  around 17.500 with stop loss of 17.300 and target price of 17.800

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