• USD/ZAR rose on Thursday as the South African rand weakened amid U.S.-Iran tensions, stoking concerns over inflation and energy supply disruptions.
•The U.S. launched fresh air strikes on Iran after imposing a naval blockade, while Tehran retaliated with missile and drone attacks on U.S. bases and halted shipping through the Strait of Hormuz.
• Iran urged Yemen’s Houthis to prepare to block the Red Sea oil route if the U.S. targets Iranian energy infrastructure.
•Global oil prices rose more than 1% as concerns over Middle East energy supplies increased, while the greenback was up nearly 0.2% against a basket of currencies.
• Immediate resistance is located at 16.473(50%fib) any close above will push the pair towards 16.591(Higher BB).
• Strong support is seen at 16.354(SMA20) and break below could take the pair towards 16.197(38.2%fib).
Recommendation: Good to sell around 16.450 with stop loss of 16.650 and target price of 16.100
