• AUD/USD hit 0.6966 overnight, buyers emerged and the pair then turn positive

• Broad USD selling, soft US yields , USD/CNH drop buoyed the pair

• Rallies for gold, silver, copper and equities contributed to aiding the pair's lift

• 0.6995 traded in Europe's morning, the pair was up +0.36% in early NY action

• AUD/USD remains above the 10-, 21- & 200-DMAs which gives bulls comfort

• Ongoing consolidation & rising RSIs also comfort AUD/USD bulls

• US July S&P Global PMIs, June new home sales are data risks in NY
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)