USD/ZAR recently defended low of November near 18.10 and the trend line drawn since April 2022. A gradual rebound has taken shape, but crisscross moves around the flattish 200-DMA denote lack of clear direction.

Short-term bounce towards 19.14 and October high of 19.50/19.64 can’t be ruled out. This is a crucial resistance zone.

In case the pair dips below lower band of recent range at 18.10, there could be risk of a deeper down move.