• USD/ZAR rose higher after data showed a rise in unemployment in Africa's most industrialised economy in the first quarter of 2026.
• South Africa's unemployment rate rose to 32.7% , from 31.4% (ZAUNR=ECI), data from the statistics agency showed on Tuesday.
• The official jobless rate has been above 30% for more than five years and is among the highest in the world.
• Separate data from Statistics South Africa showed manufacturing output rose 0.9% year-on-year in March beating analysts' expectations of a 0.3% increase .
• Like other risk-sensitive currencies, the rand is influenced by global factors as well as domestic economic data.
• Immediate resistance is located at 16.588 (50%fib), any close above will push the pair towards 16.843(May 5th high).
• Strong support is seen at 16.384(Daily low) and break below could take the pair towards 16.206(61.8%fib).
Recommendation: Good to buy around 16.500 with stop loss of 16.200 and target price of 16.700
