• AUD/USD traded 0.7223-0.7205 overnight, was down -0.08% early NY

• US yield , USD/CNH gains helped to weigh down the pair

• Drops in gold, silver, equities also contributed to the pair's slide

• Rally of more than 2.0% in copper helped to limit AUD/USD's downside

• The pair's tight range suggests consolidation of recent gains is possible

• Daily RSI didn't confirm Monday's high, needs to unwind near overbought condition

• Consolidation is a healthy development for the broader up trend

• Rising monthly RSI, Bolli bands & monthly bull hammer are longer-term bull signals

• US August PPI, CPI due later this week might help keep ranges tight
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)