• AUD/USD -0.2% Tue, trading subdued as markets brace for high impact events

• AU Q2 CPI 0130 GMT Wed, Reuters poll consensus +0.7% q/q, +4.1% y/y

• FOMC meeting outcome also due Wed, dialogue crucial, FFR change not expected

• Gulf states propose voluntary fees to Iran for using Strait of Hormuz

• Oil prices fall further on rising Middle East peace hopes, Brent crude -4.5%

• Break above 0.7026 unlikely without fresh uptick in RBA hike expectations

• Overnight range 0.6963-86 support 0.6866 0.6834, resistance 0.7027 0.7088
AUD Daily 55-DMA

(James Connell is a Reuters market analyst. The views expressed are his own.)