FxWirePro: USD/ZAR outlook weaker on renewed downside pressure

• The USD/ZAR declined on Friday   as downbeat US retail sales data  weighed on greenback.

• U.S. retail sales saw their largest decline in nearly two years in January, likely due to freezing temperatures and a slowdown following strong gains in the previous four months.

• Retail sales dropped 0.9% last month, the biggest decrease since March 2023, after an upwardly revised 0.7% increase in December, the Commerce Department's Census Bureau said.

 •At GMT 15:24, the pair was trading down 0.67 percent  at 18.349

• Immediate resistance is located at 18.447 (50%fib), any close above will push the pair towards 18.637(Feb 10th high).

• Strong support is seen at 18.264 (Lower BB) and break below could take the pair towards 18.126(61.8%fib)

Recommendation: Good to sell around 18.380 with stop loss of 18.450 and target price of 18.200