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FxWirePro: USD/ZAR runs out of steam but mains bullish outlook

• USD/ZAR initially gained but gave up ground on Tuesday as investors awaited this week Federal Reserve policy decision .

•Traders anticipating at least a quarter-point hike. Fed Chair Kevin Warsh has been reluctant to provide guidance on the future path of rates.

• Markets now see a Fed hike on Wednesday as a near certainty, with CME's FedWatch tool pricing in a more than 92% chance of an interest-rate increase.

•  Oil prices rose nearly 2% on Tuesday as ⁠concerns over supply disruptions lingered after attacks on ​Saudi Arabian energy infrastructure left the kingdom's East-West ​pipeline offline.

•Gold , ​South Africa's key export, was down 0.2% at $4,287.69 per ounce on ‌Tuesday, ⁠after hitting its lowest point since August 7 on Monday.

• Immediate resistance is located at 16.358(Higher BB), any close above will push the pair towards 16.510(50%fib).

• Strong support is seen at 16.1985(38.2%fib) and break below could take the pair towards 16.077(SMA 20)

Recommendation: Good to   buy 16.200 with stop loss of 16.000 and target price of 16.400

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