At 0700 AEDT on Wednesday, the currency was trading at 72.04 US cents, down from 72.25 cents on Tuesday.
Boris Schlossberg, MD-FX strategy, BK Asset Management, said the Aussie was one of the primary victims of the commodities rout.
Overnight, floating iron ore prices slipped by more than one per cent to a fresh record low.
Meanwhile, US crude fell below $US37 per barrel for the first time since early 2009 amid fears the world was running out of capacity to store crude as a global glut intensifies.
“There’s an overall sense of panic that global demand may not be as strong as the market thought,” he said.
“That weighs very heavily on Australia and puts downward pressure on the unit.”
Westpac strategist, Imre Speize,r tipped the Aussie to target 71.70 US cents on Wednesday.