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The AUD/USD pair lifted higher towards the 0.7200 resistance early Monday albeit lacked any strong follow-through and remains below the 0.7200 round-figure mark, currently at 0.7170. Terence Wu, an FX strategist at OCBC Bank, expects the mentioned 0.72 to cap while support is seen at 0.7120.

Key quotes

“0.7200 may cap for now, but a breach would leave the pair striving for the high at 0.7240/50 again.” 

“Support at 0.7120/40 for now. Beware, however, that a soft NZD may eventually exert some gravity on the AUD.”