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FxWirePro: USD/ZAR edges higher as rand weakens ahead of key economic releases this week

• USD/ZAR edged higher on Monday as the rand weakened ahead of key South African economic data due this week, including GDP, current account, mining and manufacturing figures.

• South Africa's net foreign reserves rose to $73.69 billion at the end of ​August from $71.76 billion in July, central ​bank data showed on Monday.

•Focus will now turn to ‌second-quarter ⁠GDP data   due on Tuesday, followed by current account , mining   and manufacturing  figures on Thursday.

•Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. economic indicators, in addition to domestic economic data.

• Immediate resistance is located at 16.091 (SMA20), any close above will push the pair towards 16.217(38.2%fib).

• Strong support is seen at 15.909(Lower BB) and break below could take the pair towards 15.825(23.6%fib).

Recommendation: Good to sell around 16.100 with stop loss of 16.200 and target price of 15.900

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