July Corn – The market traded above Wednesday’s high and tested the 20- day EMA before turning lower. This price action portends more downside potential into the next reversal date due May 11, 2011.
June Natural gas – The market is trading lower for the fourth day the posting a pivot high at the junction of the longer-term and short-term median lines. The corrective pullback is approaching the 20-day EMA and trading lower into the support into today’s reversal date. This price action is typically a setup for a bullish reversal. I will have update information in the next issue of the TMV Swing Trading Report.
June Australian dollar – The market continued the short-term corrective pullback and has reached the 20-day EMA. This could provide support where the correction will end and continue the upward trend.