FxWirePro: USD/ZAR loses momentum but maintains bullish outlook

• The USD/ZAR dipped    on Friday  as rand firmed  after local economic data points  presented a mixed outlook on South African economy

• South Africa's budget deficit widened to 46.08 billion rand in October, according to data from the National Treasury, while the trade surplus saw a slight increase to 14.63 billion rand in the same month, based on figures from the revenue service.

• South Africa's M3 money supply growth stood at 7.79% in October, up from 7.25% in September. Meanwhile, credit growth for October was recorded at 4.26%, down from 4.63% in the previous month, as per data released by the central bank on Friday.

 •At GMT 15:46, the pair was trading last down 0.13 percent  at 18.038 

• Immediate resistance is located at 18.135 (Nov 22nd high), any close above will push the pair towards 18.254 (23.6fib).

• Strong support is seen at 18.022(38.2%fib) and break below could take the pair towards 17.916(21SMA)

Recommendation: Good to buy  around 18.000 with stop loss of 17.900  and target price of 18.290