FxWirePro: USD/ZAR rebounds after hitting key technical level

• USD/ZAR rebounded on Friday  as rand retreated   as traders took profits and awaited S&P Global’s credit rating review.

• South Africa could secure its first credit rating upgrade in nearly two decades on Friday when S&P Global delivers its latest sovereign rating decision, amid investor optimism over its reform efforts.

• The economic calendar next week will feature October consumer inflation   figures and September retail sales   data on Wednesday, followed by the central bank's interest rate ZAREPO=ECI decision on Thursday..

 At GMT 15:32, the pair was trading up 0.05 percent  at 17.108 after reaching daily high at 17.213

• Immediate resistance is located at 17.213  (38.2%fib), any close above will push the pair towards 17.250 (SMA 20).

• Strong support is seen at 16.970(23.6%fib) and break below could take the pair towards 16.896 (Lower BB).

Recommendation: Good to sell around 17.150 with stop loss of 17.300 and target price of 17.000