FxWirePro: USD/ZAR fibo rejection triggers sizeable pullback

• The USD/ZAR initially dipped but recovered some ground  as investors assesed hopes of a de-escalation in the Iran conflict.

• Global investor appetite was buoyed by comments from President Donald Trump that the U.S. could end its military campaign against Iran within two to three weekslans

• The rand has been driven by global sentiment since the U.S. and Israel launched the war in late February, prompting Iran’s retaliation...

 ·  After a strong 2025 and a positive start to 2026, the rand was exposed to a correction once the war began.

•South African manufacturing sentiment stayed weak in March, as firms flagged concerns over the conflict’s impact, though business activity has not yet been significantly affected.

• Preliminary data showed the country’s revenue service collected 2.01 trillion rand ($119.65 billion) in taxes for the fiscal year ending March 31, up 8.4% year-on-year.

• Immediate resistance is located at 16.8999 (38.2%fib), any close above will push the pair towards 17.208(23.6%fib).

• Strong support is seen at 16.665 (50%fib) and break below could take the pair towards 16.417 (61.8%fib)

Recommendation: Good to buy  around 16.700 with stop loss of 16.400 and target price of 17.000