The US dollar weakened against commodity and emerging market currencies during the last hour and extended losses. A rally in crude oil prices pushed stock markets further to the upside. AUD/USD broke above 0.7140 (European session high) and jumped to 0.7174, reaching a fresh daily high. The pair remains near the 0.7175/80 area that is where yesterday’s highs are located; if it breaks above, the 0.7200 handle would be exposed. Above the next resistance levels could be located at 0.7218 (Feb 05 high) and 0.7240 (Feb 04 high). Momentum favors the upside but the pair needs to break above 0.7180 to open the door for more gains. To the downside, support levels might now lie at 0.7140 (previous high), 0.7115 (20-hour MA) and 0.7080 (Feb 16 & 17 low). Stocks prices extend gains The Dow Jones was up more than 200 points or 1.25% while the Nasdaq was gaining 1.80%. Crude oil rallied after reports suggested that Iran would accept the proposals from OPEC countries to stabilize prices. The WTI barrel was up by almost 6%, trading near $31.00. For more information, read our latest forex news.