• AUD/USD traded 0.6972-0.6993 overnight, NY opened near 0.6985, up +0.11%

• Balanced risks helped keep the range tight & consolidation to begin

• Rally in AUD/JPY and equities helped underpin the gains

• Firm USD, US yields & drops in gold, silver, copper limited the gains

• Rising daily, monthly RSIs & AUD/USD's hold above 10- & 21-DMAs are bull signs

• The pair does remain below the down trend line off the May 13 high however

• US June PPI & July NY Fed manufacturing survey are data risks in NY's morning
audusd


(Christopher Romano is a Reuters market analyst. The views expressed are his own)