FxWirePro: USD/ZAR bears maintain upper hand

• USD/ZAR edged lower on Wednesday as traders awaited inflation and retail sales data that will shed light on the country's economic outlook.

• Domestically-focused traders are waiting for December consumer inflation   data due at 0800 GMT and November retail sales   at 1100 GMT.

• Economists polled   expect annual inflation will come in at 3.6% for December, up from 3.5%.

•Retail sales are forecast to rise from 2.9% in October to 4.8% in November, reflecting the surge in spending associated with Black Friday promotions, based on Nedbank's forecasts.

•Economists polled   expect retail sales to edge down to 2.5% in November from 2.9% the month prior.

• Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. policy and economic data.

• Immediate resistance is located at 16.472 (SMA 20), any close above will push the pair towards 16.560(38.2%fib).

• Strong support is seen at 16.314(23.6%fib) and break below could take the pair towards 16.182(Lower BB)

Recommendation: Good to sell around 16.400 with stop loss of 16.600 and target price of 16.200