• AUD/USD has traded a 14.5 pip range thus far Tuesday; 0.69625-0.6977

• 0.6977 is highest level since Sept 30 (0.69755 was Friday's high)

• It is also the peak since Thursday's 13-week low of 0.6904

• Offers likely pre-0.70 (0.6995 was Sept 30 high, before Oz CPI data)

• CFTC data showed net AUD short hit 9-month high in week to Sept 29

• Fed rate hold expected on Oct 28; RBA rate hold expected in November

AUDUSD

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