• AUD/USD hits 0.7121 after pushing its recovery envelope from 0.7075

• 0.7075 was four-week low, after USD strengthened on Fed's hawkish hike

• That four-week low approximates to the 100-day moving average

• There is a big 0.7120 option expiry for the 10am ET New York cut

• IMF says Australia may need further interest rate rises to tame inflation

• Markets currently see 87% chance of RBA rate hike on Sept 29

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