Who Decouples Next? (GLD, UUP, SPY, AUD/JPY, AUD/USD, EUR/USD, FXI)

I want to know what you internet folk think of this.  In the beginning of May, $SPY (S&P ETF), AUD/JPY (Australian Dollar/Yen) and AUD/USD decoupled from $UUP (US Dollar Index ETF) and $GLD to the downside.  Yield plays and carry trades unwound a bit at that time.  The Australian Dollar rose in tandem with Gold during the reflation trade last year but decoupled during the 2008 carry trade massacre (financial crisis).  Australia is the second biggest producer of gold (mining weekly).  The Euro was already moving lower in late '09 on Greek/Eurozone sovereign debt fears and China ($SSEC, $FXI) was making lower highs.  Now it appears that AUD/JPY, AUD/USD and $SPY are testing downtrend resistance and UUP is being squeezed at an inflection point.

I'm watching to see what happens with the Gold/US Dollar relationship given continued sovereign debt volatility, currency volatility, potential economic slow downs, continued reflation efforts in the West and tightening in the East (China).  To get a grip on this madness just watch the price action.  If risk wants to come back in full force, I'm wondering how the US Dollar plays out.  Will it rise on US growth expectations, Fed funds rate expectations and Euro pressures?  Or will it trade inversely with the S&P as usual.  I see the market was up 2.6% today.  $SPY still needs to take out the 200DMA and the 20 is ready to back it up.  AUD/USD is in a descending channel but trying to break out and GLD is flirting with the December high.  Here are chart comparisons of $GLD, $UUP, AUD/JPY, AUD/USD, $SPY, $FXI, EUR/USD etc.

GLD, UUP marriage (gold, dollar ETFs) [freestockcharts.com]

SPY (SPDRS S&P ETF) [freestockcharts.com]

AUD/USD (Australian Dollar/US Dollar)

UUP (US Dollar Bullish ETF)

GLD vs. FXI, AUD/USD, SPY, UUP, AUD/JPY
Gold vs. China, Aussie/USD, S&P, US Dollar Index, Aussie/Yen

EUR/USD took out major support but... when's the relief rally

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