• AUD/USD rallied to a 1-month high in Asia, hit the 200-DMA, traded 0.7055

• Rally aided by Australia CPI, which upped chance RBA hikes, rallied yields

• Sellers emerged, 0.7024 hit in Europe, NY opened near 0.7030, pair up only +0.04%

• Fall from the high driven by USD buying, US yield

& USD/CNH gains

• Drops in gold, silver and copper also contributed to AUD/USD's slide from the high

• Daily techs warn bulls, RSI didn't confirm the high, gravestone doji candle formed

• Hold above 10- & 21-DMAs, rising monthly RSI gives bulls some comfort though

• Fed decision in focus, investors are leaning towards a hawkish hold
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)