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$EURJPY

The EJ has built a nice wedge which is bearish. It is still trapped inside but a breakout targets the 108.72 and the 108.15 area.  Breaking to the north a target of 110.50 is the risk.

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$AUDUSD breakdown

$AUDUSD hit our target yesterday but failed any further advance.  Top appears to be in place and looking now to break the 0.9003 (S3 and trend line) for a move to the 0.8948 area.

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AUDUSD

Ozzie is trying hard to break the .500 fibo.  If it is able to  looking for the .618 and R4 area around 0.9084  to 0.9100.  Further upside target is the .786 fibo at 0.9146.  Failure to make the break leaves a downside target of 0.8948 (R2).

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EURUSD

EURUSD is in a nice channel and we are looking for follow through to the 1.2723 (S6) area.  A further target is the .382 fib at 1.2691 and the 1.2669 where support can be found.  Upside risk is a break of the channel and then a move to 1.2936.

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What ProAct Traders sees in the Forex starting the week of August 15, 2010 -

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!  CLICK ON IMAGES TO ENLARGE

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EURUSD

WHAT ProAct Traders SEE:  We are approaching the .500 fib and the 6th support.  Might see a little bounce here but targeting the 1.2601 area (.618 fibo from the swing high and low and the 2.618 Fib extensions).  Further targets south are 1.2403 and 1.2347 later this week.

Video here - http://tinyurl.com/26aohbk

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Employment and the Economy: The Bad, the Good and the Future

The Employment Situation Report released by the Bureau of Labor Statistics each month offers investors a glimpse at the nation's economic progress based on the strength and stability of the current labor force. However, July's labor report, released on Friday, August 6, fell below Wall Street's expectations, leaving investors and the unemployed uncertain about the future.

EURJPY

We have a nice bear blag on the cross sitting at 110.00 right below the .618 retracement of last weeks swing high/low.  aBreak of the flag suggests a move to the  .786 fib at 108.91.  further targets are at 108.64 then 107.27 support.  Upsside resistance is at 111.03.

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