FxWirePro: USD/ZAR maintains bullish bias with focus on 18.350 level

• USD/ZAR strengthen on Wednesday as South Africa's rand   weakened as focus shifted towards  U.S. payrolls data for clues on the Federal Reserve's future interest rate trajectory.

• U.S. private payrolls rose at a moderate pace in November, signaling steady labor market growth. At the same time, annual wages for workers who remained in their jobs saw an increase, marking the first wage rise in 25 months.

• Private payrolls rose by 146,000 jobs in November, following a downwardly revised increase of 184,000 in October, according to the ADP report.

• At GMT 15:00, the pair was trading up 0.34 percent  at 18.146.

• Immediate resistance is located at 18.283  (23.6%fib), any close above will push the pair towards 18.390(Nov 14th high).

• Strong support is seen at 18.031(38.2%fib) and break below could take the pair towards 18.000 (Psychological level).

Recommendation: Good to buy around 18.110 with stop loss of 17.900 and target price of 18.350