Corn and wheat (the top and middle charts) are contained. It won't be until corn breaks 6.60 and wheat breaks 7.00 that we should be concerned. However, soy beans -- which sold off in May, are trying to move higher. A move through the 14.50 level would make $15.00 the next logical price target.
The GLD ETF continues to move sideways, finding support around the 153 level. Remember the conflicting sentiment here: the bulls are looking at QE programs -- along with overall instability -- while the bears are looking at actual inflation numbers.
The euro is in a strong counter-trend rally right now -- a rally which has been occurring all month. Prices are now through the 10 and 20 day EMAs and are hitting resistance at the 61.8% Fib level from the May sell-off. The increasing volume trend is very positive, as it indicates this is more than just a technical rally. Now the real trick will be keeping price momentum.
The yen -- after rallying from mid-March lows -- is now moving sideways, trading right around the 200 day EMA. The yen is caught between safe haven buying and a slow economy.
