Gold has been in neutral position for a while hence it has been trading within that parallel falling channel structure.
We may have a break out the channel structure either way this week. We will patiently wait for a breakout for us to be able to plan a trading position on it.
USDJPY on Friday move past our Elliot Wave buy confirmation level of 109.00. We expect a continuation of the bullish momentum to complete wave (iii) to around 110.00 level before a pull back. We are confident that the Elliot Wave structure will be respected to complete major wave 5.
USDCHF last week was trading on a range and Wednesday it broke out of the range before closing on Friday with a candle close into the range. For now we anticipate a move to test the resistance of the range. A break out of the resistance will be our buy confirmation for a continuation of wave (i) and it will signify a start of a uptrend to go and complete our major wave 5
GBPUSD is on our elliot Wave sell confirmation level. We anticipate bearish continuation to around 1:37500 to complete wave count (iii) then we expect a pullback to 1:38000 to complete wave (iv) before the final wave (v) all the to 1:36550 level
EURUSD broke through our Elliot Wave sell confirmation level on Friday. We anticipate a continuation move to around 1:20000 complete wave i before a pullback to around 1:20500 to complete wave ii then from there a bearish continuation to around 1.19255 as our target for wave iii.
EXXARO Resources has formed a nice weekly head and shoulders pattern and we have seen a break out of the neckline and it seems we are coming to retest the head and shoulders neckline. We anticipate some bullish reaction at that neck line and we expect the share to go up from that of R145 to a target of R184
Discovery moving within a rising channel and it is currently at support level of the channel at R131. We anticipate that support will hold and we will be expecting bulllish movement from that level with first target of R155.00
Barloworld formed a nice bullish flag pattern and we have seen the break out and retest of the channel. We anticipate a start of a bullish trend for a possible target of R128. We will be looking for a minor pullback to around R85 -R90 for a buy entry.
Again on oil we have 2 possible scenarios
1st: We currently on structural resistance we might respect resistance and move down back to structural support
2ndly: We might break out of the structural resistance come and retest before a move upwards targeting $66
Scenario 2 will be in line with the COT report