This is a chart of a breakout of volume on the Rogers Ag ETN, from last week, this week even more upside has followed through. Other Agricultural ETFs and ETNs, (ticker: DBA, DJP) also look to have rounded out a base and are looking up. This all means potentially nice moves in agricultural commodities from here, personally trying to catch a longer term position trade and scale in.
Most trades have been riding high since the start of October with a tailwind of the recent US Dollar weaknes – a sharp reversal is likely, at some point, but in the meantime it is best to just watch closely and be ready and flexible to close out long commodity and Forex positions traded against the USD.
A recent trade in Soybean, on the break of the downtrend. Certainly time to be a little cautious after a series of gains in Wheat, Soybean, EUR:USD, AUD:JPY, US Crude Oil and Gold in the past week or two.
