FXStreet (Mumbai) - The AUD/USD pair failed to hold above 0.70 barrier and drifted lower, now testing lows at 5-DMA as the extension of the losses in oil and negative close on the local indices weighed on the Aussie. AUD/USD weakest among commodities-currencies pack Currently, the AUD/USD pair trades -0.20% lower at 0.6983, retracing slightly from fresh session lows struck at 0.6973 in the last hours. The Aussie languishes near lows as the traders give up the risk/ higher-yielding currencies in favour of the safety assets on the back of ongoing weakness in oil markets and subdued Asian equities. The US oil drops -2.12% while the Brent slips -1.23%, both hitting fresh 12-year lows. Markets also remain concerned over the slowing demand for the commodities as the Chinese economic recovery loses steam. China is Australia’s biggest export market. While growing speculations of the RBA slashing rates next month to combat the global market turmoil, also adds to the downward pressure on the Aussie. Meanwhile, next of importance for the pair in the week ahead, remains the Australian jobs and the US retail sales data. AUD/USD Levels to watch The pair heads higher and finds the immediate resistance at 0.7000/05 (round number/ daily high) above which gains could be extended to the next hurdle located at 0.7023 (1h 100-SMA). On the flip side, the immediate support located at 0.6949 (Jan 8 low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.6924 (Jan 11 Low). For more information, read our latest forex news.