FXStreet (Mumbai) - A renewed selling–wave hit the Australian dollar at the beginning of the week, dragging AUD/USD sharply lower below 0.72 handle. AUD/USD drops on falling commodity prices Currently, the AUD/USD pair drops -0.83% to fresh two-day lows reached at 0.7174, retreating from three-week highs posted at 0.7251 last week. The base-metals battering in Asia is heavily weighing on the resource-linked Aussie while broad based USD dollar strength also exacerbates the pain in the pair. Base-metals witnessed renewed sell-off on the back waning Chinese demand. Copper hit a fresh 6-year low, down -1.40% and nickel dropped more than 2% to the lowest levels since 2003. While on the other hand, the US dollar trades at seven-month peaks against its major peers as markets speculate over today’s Fed hike chatter and prefer to hold the US currency. Focus now remains on the Fed announcement and a set of US economic data for further momentum. AUD/USD Levels to watch The pair has an immediate resistance at 0.7215 (Nov 19 High), above which gains could be extended to 0.7228/51 (daily High/ Nov 20 High) levels. On the flip side, support is seen at 0.7151 (1h 100-SMA) from here it to 0.7126 (1h 200-SMA). For more information, read our latest forex news.