FxWirePro: USD/ZAR edges higher but bearish outlook persists

•USD/ZAR edged higher initially but gave up ground    as traders digested mixed monthly data from the central bank.

• M3 money supply growth in South Africa slowed to 7.44% last month from 8.16% in December, data from the South African Reserve Bank showed..

• Private sector credit growth rose to 8.83% in January, up from 8.74% in December but slightly below the 8.84% market estimate.

• The National Treasury (South Africa) reported that South Africa recorded a budget deficit of 69.69 billion rand in January.

•    South Africa's revenue service agency published trade   data that showed that the country recorded a trade surplus of 9.31 billion rand ($584.73 million) in January.

• Immediate resistance is located at 16.004 (38.2%fib), any close above will push the pair towards 16.233 (Higher BB).

• Strong support is seen at 15.746(Lower BB) and break below could take the pair towards 15.644 (Lower BB).

Recommendation: Good to sell around 15.900 with stop loss of 16.100 and target price of 15.800