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FxWirePro: USD/ZAR bears regain grip as dollar weakens ahead of busy U.S. data week

• USD/ZAR dipped on Monday as the dollar weakened ahead of a busy week for U.S. economic data.

•Investors are awaiting data on job openings, private payrolls, and the ISM manufacturing PMI ahead of Friday’s employment report, which will help gauge the economy’s momentum

• The domestic calendar highlights the central bank’s quarterly bulletin and formal sector employment data from the statistics agency, both due on Tuesday.

• Money supply, private sector credit, trade balance  , and budget balance  figures are also due the same day.

•Investor focus later in the week will turn to vehicle sales figures, the Absa Purchasing Managers’ Index (PMI), and S&P Global’s whole-economy PMI, offering insights into the health of the manufacturing sector and overall business conditions.

• Immediate resistance is located at 17.419(SMA 20), any close above will push the pair towards 17.485 (38.2%fib).

• Strong support is seen at 17.189 (23.6%fib) and break below could take the pair towards 17.057 (Lower BB).

Recommendation: Good to sell around 17.300 with stop loss of 17.450 and target price of 17.100

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