AUD/USD lost nearly 100 pips on Monday and failed to stage a rebound. Economists at ING believe that any rebound to the 0.72/73 area will not be seen until the fourth quarter.

Still not breaking free 

“While the RBA may prove a relatively neutral factor for AUD for the time being, there are lingering downside risks stemming from potential fresh instability in the global risk environment and more grim data coming from China.”

“We suspect that any sustained recovery to the 0.72-0.73 region in AUD/USD would need to wait until Q4.”