• NY opened near 0.7125 after 0.7088 traded overnight & AUD/USD rallied above the 55-DMA

• Pair dipped toward 0.7115 early but buyers emerged as risk-on sentiment intensified

• Hopes for a deal between the US & Iran helped to drive riskier assets upward

• USD, US yields , USD/CNH & oil all traded downward

• Gold, silver, copper and stocks rallied which helped weigh down the USD

• AUD/USD hit 0.7175 then neared 0.7155, the pair traded up +0.65% late in the day

• Techs lean bearish; daily chart shows possible head & shoulders topping pattern

• Falling monthly RSI, pair's hold below 10- & 21-DMAs add to bearish signals
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)