• AUD/USD has traded a 26.5 pip range thus far Wednesday; 0.7114 is intra-day peak

• 0.7114 is 2.1 pips shy of the rally high from Tuesday's five-week low of 0.7080

• Drop to 0.7080 was prompted by 30-year UST yield's rise to a 19-year high

• Nikkei fell 1.2% on Wednesday, its fifth consecutive daily loss (AUD is risk-sensitive)

• 0.7272 was AUD/USD high on May 13 - the last positive day for Nikkei

• Australia's tax changes will re-wire investors to chase income

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(Robert Howard is a Reuters market analyst. The views expressed are his own)