• 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
