We have been following the AUD as an indicator of coming divergences in US markets, specifically that the correlation between the S&P and the AUD breaks.
Last night the Chinese GDP report caused a spike in the AUD. The report was in line with expectations, which suggests the AUD was a bit oversold.
Technically the AUD is in a triangle, and so is the S&P. We are expecting a downtick shortly, perhaps into the election, to be followed by a sharp rally.
In the S&P it could touch the 1550 area, a triple top back to 2000 and 2007. In the AUD it could breach $1.10.
The Euro is also at an appaent cusp point. Right now the Forex side of EWI is running a free week in case you wish to click through and learn more. Here is a taste of their perspective in this video about the AUD's triangle.