FxWirePro: USD/ZAR edges higher but outlook still bearish

• USD/ZAR edged higher on Thursday as South African rand softened as investors digested domestic economic data and awaited further catalyst .

• South Africa's statistics agency published mining  data which showed that December mining output rose 2.5% year-on-year compared with a revised decrease of 2.4% in November.

•The agency also published manufacturing  figures which showed that manufacturing output fell 1.4% year-on-year in December, after falling by a revised 2.0% year-on-year in November.

• Looking ahead,U.S. inflation data is due on Friday and will be the next test of market views on interest rate cuts.

 •At GMT 17:52, the pair was trading up 0.57 percent  at 15.994

• Immediate resistance is located at 16.053  (SMA20), any close above will push the pair towards 16.128(38.2%fib).

• Strong support is seen at 15.682(23.6%fib) and break below could take the pair towards 15.562(Lower BB)

Recommendation: Good to sell around 16.000 with stop loss of 16.300 and target price of 15.700