• AUD/USD rallied 0.6362-0.64195 overnight, NY opened near 0.6412, was up +0.65%

• Softer US yields & broad based US$ selling underpinned AUD/USD

• Equity drop and gold rally indicated investors avoided US assets

• USD/CNH rally off its 7.1791 low likely helped to prevent further AUD/USD gains

• Daily RSI is rising but pair remains below the 10- & 200-DMAs which may worry longs

• Right shoulder of head & shoulders top forming on daily chart may also worry bulls

• US April CPI is a key data risk in NYH's morning
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)