• NY opened near 0.7080 after 0.7117 traded overnight, drop extended in NY

• Sharp US yield gains drove significant US dollar buying

• USD/CNH gains, drops in gold, silver, copper, stocks reinforced the USD bid

• AUD/USD fell away from the 55-DMA, broke the 50% Fibo of the 0.6867-0.7238 rally

• The pair hit a 1-1/2-month low of 0.7027 & sat nearby late, was down -1.18%

• Falling daily, monthly RSIs, September monthly inverted hammer are bear signals

• Pair's hold below the 10-, 21- & 55-DMAs reinforce the bearish signals

• Completion of consolidation of drop from Sep. 9 high adds to bearish sentiment

• Australia's August employment report is a key risk in Asia trading hours
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)