• USD/ZAR edged higher on Tuesday but gains were limited as investors awaited several data releases from South Africa later this week.
• At 14:52 GMT, the rand was trading at 17.7132 down 0.05% against the dollar, hovering near its Monday closing value of 17.757.
• Investors will scrutinize July's producer inflation data, along with money supply, budget, and trade balance figures later in the week, for insights into Africa’s most industrialized economy.
• Immediate resistance is located at 17.859 (38.2%fib), any close above will push the pair towards 18.044 (38.2%fib).
• Strong support is seen at 17.610 (23.6%fib) and break below could take the pair towards 17.541 (Lower BB).
Recommendation: Good to sell around 17.715 with stop loss of 17.800 and target price of 17.550
