Societe Generale identifies 16.12 as critical support for the rand, with a breach signaling a broader downtrend resumption.
The USD/ZAR pair has stalled its downtrend after hitting an interim low near 15.63 in January, failing to reclaim its 200-day moving average. Resistance is now centered around 16.80–16.92, a break above which could confirm a larger bounce.
Key support lies at the April low of 16.12. A drop below this level would suggest the broader downtrend is resuming, while holding above it may keep the pair range-bound. The 200-day moving average remains a technical hurdle for further gains.