AUD/USD has neared the top of the 0.70-0.75 range. This level is expected to cap the aussie, according to economists at DBS Bank.

See – AUD/USD: Scope for a nosedive as low as the 0.7200 level – Westpac

Australian economy  to contract in the third quarter

“According to our model, AUD/USD is likely to be capped around 0.7510 or two standard deviations from its mean trend value.”

“The Australian economy is expected to contract in 3Q21 from strict lockdowns to contain its most serious wave of infections.”

“A double-dip recession is possible if 70% of the population are not fully inoculated by late October or early November, a condition for reopening the economy.”