FxWirePro: USD/ZAR uptrend resumes rise toward key fibo

• The USD/ZAR rose  higher on Thursday   as the escalating Middle East conflict and surging oil prices stoked inflation fears and dampened risk appetite..

• Oil prices jumped on fears the conflict and potential disruptions to flows through the Strait of Hormuz could persist for an extended period.

• Iran warned oil could hit $200 a barrel after its forces struck merchant ships, while the International Energy Agency called for a large release of strategic reserves to ease the shock.

• The sharp rise in energy prices threatens global growth, with economists warning that a prolonged Middle East conflict could further worsen the economic impact.

•Meanwhile, South African Reserve Bank reported that South Africa recorded its first current account surplus in more than two years in Q4 2025, supported by rising precious metal prices.

•South Africa’s mining output rose 4.6% year-on-year in January, while manufacturing output fell 0.7% over the same period.

• Immediate resistance is located at 16.794 (38.2%fib), any close above will push the pair towards 16.914(9th March high).

• Strong support is seen at 16.556(50%fib) and break below could take the pair towards 16.350(61.8%fib)

Recommendation: Good to buy around 16.700 with stop loss of 16.500 and target price of 17.000