Weekend Update on Majors

EURUSD is in a range. The plan is to trade inside both smaller and larger ranges. The middle of the range is at 1.1000/17 area. A range low of 1.0808 has become very important and a break of which will resume downtrend to 1.5000 or lower.

GBPUSD is coiling within Ascending Triangle (Right Angle Triangle) and I am betting on upside breakout. Got a small long position from this Friday @1.5660 (talk about impatience?!). If it breaks upwards, then target is prior high at 1.5862/1.5920 area which happens to be Fib 50% retrace from last year high to this year low as well. 

If it breaks down below uptrendline (sub @1.5500 currently), then this pair targets 1.5200 first. 

Another target:  June 17 high to July 07 low is roughly 590pips long. Subtracting it from 1.5670 high arrives at a downside target of 1.5080.

AUDUSD monthly support @0.7250 held and below that the next monthly support @0.7000/15 is next. Weekly RSI is showing a nice divergence and I am willing to play the long side. I would like to buy @0.74285 and target 0.7585-0.7600. I also see a mini Eve and Adam Double Bottom on a daily chart is  which is encouraging as it showed up after 800+ pips fall since May 12th. This pattern is 180pips wide and from its neckline @0.7430, we arrive at a measured target of 0.7610.

USDCAD is the weakest and is highly correlated to crude oil. Latest weekly high came on RSI divergence and either a break below 1.30 or weekly RSI close below 70 will confirm the divergence to target 1.2779-2800 area, to begin with. On a daily chart, I am also waiting for a small uptrendline break to confirm retrace.

Aware that my analysis suggests bearish USD stance, I am willing to trade trend continuation on the long side if USDCAD breaks through trendline drawn from recent highs.If this pair weakens further, then I will also look at the cross currency play via EURCAD or GBPCAD.

USDJPY - last 3 weeks had long upper wicks, so some parties are definitely buying the yen. It is in a congested zone with many support ranges below. Currently I am watching a short term daily uptrendline for a break. On the other hand bearish engulfing candle a couple of days ago gave no follow thru and I will be watching to buy at its high should price reverse higher instead.

Good luck next week