Watching $USDZAR Around 16.35 - A Breakout or a Bounce?

Been keeping an eye on $USDZAR today, particularly around this 16.35 level. It's dipped below it a few times on the day's chart (low of 16.3539), but keeps finding buyers. To me, it looks like a bit of a psychological support building up. If it can sustain a move above 16.40, especially on higher volume, I'd start to lean towards a potential retest of the week's highs. However, if it convincingly breaks below 16.35 and struggles to reclaim it, then the next stop could be a bit lower, maybe towards the 16.20s. It's a tricky one right now, as it's just hugging that level, indicating a real battle between the bulls and bears. My bias is that this level will hold for now, but a clear close below 16.35 on the daily chart would make me reconsider that pretty quickly. Always ready to be wrong, of course – the market usually has a way of humbling you when you get too comfortable.