• AUD/USD fell below the daily cloud top, 55-, 21- & 10-DMAs earlier due to risk-off

• A three-session low was struck but buyers emerged as risk sentiment improved

• US yields , US$ turned lower as safe-haven bids faded away

• Stocks turned up, USD/CNH turned down, gold & silver eroded most of their losses

• AUD/USD rallied above the cloud top, 10-, 21- & 55-DMA and turned positive

• 0.7079 traded in NY's afternoon; pair's rally has techs flashing bullish signals now

• Daily RSI turned upward, a large daily bull hammer candle formed, monthly RSI rising

• Bull hammer formed after 10- & 21-DMAs pierced, gives the hammer more credence

• 0.7095-0.7125 area is resistance, if cleared the March monthly high comes into focus
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)