• AUD/USD rallied sharply in Asia after Australia's June employment report

• 0.7021 traded before bulls ran out of gas, the pair then fell in Europe

• NY opened just below 0.7000, AUD/USD traded close to flat in early action

• Sharp USD rally, US yield & rate gains weighed on AUD/USD

• Drops in gold, silver, copper and equities contributed to AUD/USD erasing gains

• A daily inverted hammer candle formed which is a concern for AUD/UDS bulls

• Bulls get comfort from rising monthly RSI, pair's hold above 10-, 21- & 200-DMAs

• US weekly and continuing jobless claims are a data risk in NY's morning
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)