• 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
