• NY opened near 0.7065 after 0.7054 traded overnight, rally extended early

• USD, US yields , USD/CNH fell after in line US July CPI report

• Gold, silver, copper & equities rallied which helped add weight on the USD

• AUD/USD rallied above the 50% Fib of 0.7277-0.6867, traded 0.7091

• Sellers emerged as USD buying took hold & gold, silver eroded some gains

• USD/CNH rallied towards flat, helped weigh down AUD/USD

• AUD/USD sat near 0.7065 late, traded up only +0.05% in NY's afternoon

• Daily RSI didn't confirm today's high, daily inverted hammer formed

• The daily signals could be concerns for AUD/USD bulls
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)