Watching USD/ZAR around 16.40, key support ahead?

Been keeping an eye on $USDZAR today. We dipped pretty hard early, touched 16.4064, and saw a decent bounce. The daily low held up as a minor support, which isn't insignificant after the run we've had. If we get another test of that 16.40 region, I'm curious to see if it holds as a stronger line or if we cut through it.

My take is that a sustained break below 16.40, say a daily close under it, would likely open the door for a move down towards 16.20 or even lower. On the flip side, if 16.40 holds firm and we start putting in higher lows, then we could be looking at a retest of the 16.52 area fairly quickly. It's a key spot to watch for the next directional move, in my opinion.