• AUD/USD 0.6977-0.6937 traded overnight, NY opened near 0.6940, down -0.49% early NY

• Below estimate Australia Q2 CPI report weighed on the pair overnight

• Australia government yields sank as bets for RBA rate hikes were pared back

• Firm US yields , drops in gold, copper helped keep AUD/USD trading heavy

• The pair fell below the 21-DMA, broke the base of its recent consolidation range

• Those are bear signals as are falling daily RSI, July's inverted hammer candle

• Fed is in focus and is expected to keep rates unchanged, press conference will be key
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)