We can see the strong correlation between the Aussie dollar vs. U.S. dollar (top chart) and the S&P 500 Index (ES futures; bottom chart) in today's trade. In both cases, a breakout above the morning highs have led to nice upmoves. The ES futures have returned to their multiday range, and the Aussie dollar has moved back into its range dating back to 10/19. The resolution of these ranges is likely to set up the next meaningful trending leg among risk assets.
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