1. SPY sideways and AUD catches up?
2. SPY falls to get back in line with AUDUSD?
3. Both rise, but AUDUSD rallies more.
4. Both fall, with SPY falling further.
I guess AUDUSD is hovering due to the weakening commodities and Gold ?
This chart is similar to me watching SPY/CRB and seems too obvious...
If it's so obvious, why is the market not reacting ?
The S&P is producing a leading diagonal triangle, which is usually warning ahead of a correction and this is accompanied with a negative divergence. Hence
I am expecting thinner air here already since a few days. Being short S&P and long AUDUSD is probably a good trade in either of your 4 cases.