FxWirePro: USD/ZAR sell bias remains below key resistance zone

• USD/ZAR traded in narrow on Friday  as markets reviewed a range of domestic data for clues on the health of Africa's most industrialized economy.

• South Africa recorded a trade surplus of 15.16 billion rand ($934 million) in April, while National Treasury data showed a budget deficit of 63.57 billion rand in the same month.

·•Data from the South African Reserve Bank showed M3 money supply growth at 9.82% in April, while private sector credit growth stood at 9.20%.

·• Like other risk-sensitive currencies, the rand often takes its cues from global drivers and has been largely influenced by shifting market sentiment in recent months.

• Immediate resistance is located at 16.490 (50%fib), any close above will push the pair towards 16.809(61.8%fib).

• Strong support is seen at 16.193(38.2%fib) and break below could take the pair towards 16.124(LowerBB).

Recommendation: Good to sell  around 16.300 with stop loss of 16.430  and target price of 16.150