AUD/USD’s upside bias lost momentum near 0.7150 and the prices retreated sharply over the last few hours as the US oil heads towards mufti-year lows, while gold reversed $ 10 from multi-month tops. AUD/USD tracks commodities lower Currently, the AUD/USD pair trades -0.06% lower near fresh session lows of 0.7087, reversing from daily highs reached at 0.7151 in early Asia. The Aussie ran through fresh offers near the mid-point of 0.71 handle and gave up more than 50-pips over the last hours as oil prices resumed their rout, with the US oil sliding nearly -2.50% below $ 27 mark as oil storage levels sit near all-time high. The renewed sell-off in oil prices refuelled risk-off moods across the financial markets and the investors ran for cover, giving up higher yielding currencies such as the AUD. Further, alongside oil prices, copper prices are also declining while the yellow metal is quickly retracing from multi-month highs near $ 1215 levels and now trades around $ 1205. Looking ahead, attention now shifts towards another round of Yellen’s testimony later today and RBA Stevens testimony due tomorrow for fresh insights on the monetary policy outlook. AUD/USD Levels to watch The pair finds the immediate resistance at 0.7142/51 (100-DMA/ daily high) above which gains could be extended to the next hurdle located at 0.7200/08 (round number/ 200-DMA). On the flip side, the immediate support located at 0.7058/50 (20-DMA/ psychological levels). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7000/ 0.6999 (Feb 3 Low). For more information, read our latest forex news.