The Australian dollar attracted heavy selling this week as the dollar continued to surge higher ahead of the Federal Reserve monetary policy meeting. The AUD/USD plunged to an eleven-week low after breaching the major psychological support level at the 0.71000 mark. The Australian dollar posted a decline of 2.53% against the US dollar this week. Prices are oversold as the 14-period relative strength index indicator is printing a reading of 27.47 on the daily chart. Currently, it is trading at the 0.7060 mark and a move below this level will open the way to the test of the support at the 0.7050 mark.
