FxWirePro: USD/ZAR loses momentum but maintains bullish outlook

• The USD/ZAR retreated slightly    on Thursday as investors digested central bank's November Financial Stability Review.

• The central bank stated on Thursday that the financial stability outlook in South Africa has gotten better due to successful elections, decreased power outages, and anticipation of lower interest rates.

•In its biannual Financial Stability Review (FSR) second edition, the central bank stated that despite some improvements, there are still ongoing risks in the financial system, most of which are structural in nature.

• Investor focus in South Africa will now shift towards updates on money supply, trade, and the budget balance due on Friday.

 •At GMT 15:19, the pair was trading last down 0.34 percent  at 18.120 

• Immediate resistance is located at 18.312 (23.6%fib), any close above will push the pair towards 18.394 (Nov 14th high).

• Strong support is seen at 18.099(38.2%fib) and break below could take the pair towards 18.000(Psychological level)

Recommendation: Good to buy  around 18.100 with stop loss of 17.900  and target price of 18.290