FxWirePro: USD/ZAR gains some ground but bearish outlook persists

• USD/ZAR gained modestly on Thursday as traders assessed the U.S. Federal Reserve's rate decision and digested local data releases.

• South Africa’s mining production increased by 5.8% year-on-year in October, according to data released by Statistics South Africa on Thursday.

• Separate data showed that South Africa’s manufacturing output rose 0.2% year-on-year in October, following a revised 1.0% increase in September, the statistics agency reported on Thursday..

• Factory production rose 1.0% month-on-month in October, following a revised 0.3% increase in September..

• Like other risk-sensitive currencies, the rand often reacts to global factors  including U.S. monetary policy and economic data    alongside domestic indicators..

• Immediate resistance is located at 17.103(SMA20), any close above will push the pair towards 17.192(38.2%fib).

• Strong support is seen at 16.882 (23.6%fib) and break below could take the pair towards 16.808(Lower BB)

Recommendation: Good to buy  sell 17.000 with stop loss of 17.300 and target price of 16.900