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• The USD/ZAR edged higher as investors digested U.S. retail sales data and waited for key jobs and inflation data for more clues.
• U.S. retail sales were unexpectedly flat in December, signaling slower consumer spending and a more subdued economic growth outlook heading into the new year..
• A weaker economic outlook has boosted expectations of two 25-basis-point rate cuts this year..
• January’s nonfarm payrolls report is scheduled for release on Wednesday, with economists expecting an increase of 70,000 jobs last month . Meanwhile, January’s Consumer Price Index (CPI) data is set to be released on Friday.
• Immediate resistance is located at 16.026(38.2%fib), any close above will push the pair towards 16.113(SMA 20).
• Strong support is seen at 15.660(23.6%fib) and break below could take the pair towards 15.580(Lower BB)
Recommendation: Good to sell around 16.020 with stop loss of 16.200 and target price of 15.900
