FxWirePro: USD/ZAR down trend loses steam, remains on bearish path

•   USD/ZAR edged higher on Wednesday  as dollar recovered some losses after data showed the world's largest economy posted higher-than-expected growth in the third quarter,.

•   The Commerce Department’s Bureau of Economic Analysis reported that U.S. GDP grew at a 4.3% annualized rate in the most recent quarter, based on its first estimate.

•  Early estimates showed gross domestic product increased at a 4.3% annualized rate last quarter, much above economists' forecast for a rise at 3.3% pace, according to Reuters poll.

• The Commerce Department highlighted that vigorous consumer spending contributed significantly to the increase

• Traders still anticipate at least two 25-basis-point rate cuts next year, with a 15% likelihood that the first cut could occur in January.

• Immediate resistance is located at 16.796  (Dec 19th high), any close above will push the pair towards 16.874(SMA 20).

• Strong support is seen at 16.670 (23.6%fib) and break below could take the pair towards 16.610 (Lower BB)

Recommendation: Good to sell around 16.700 with stop loss of 16.900 and target price of 16.500