• AUD/USD dipped down to 0.7054 overnight then rallied to 0.7071

• NY opened near 0.7065, AUD/USD traded up +0.05% in early action

• Soft USD, US yields & USD/CNH drop helped buoy the pair

• Rallies in gold, silver, copper and equities added buoyancy to AUD/USD

• Consolidation of recent gains persists while below 50% Fib of 0.7277-0.6867

• Rising RSIs, pair's hold above 10-, 21- 55- & 200-DMAs are bullish signals

• US July CPI in focus, a downside surprise could see AUD/USD rally sharply
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)