AUD: Most oversold since 1985

The AUD is ‘utterly oversold’ and may soon reverse course, according to Riccardo Ronco, Head of Technical Analysis at Aviate Global.

Its MACD reading is the lowest it’s been since 1985 and whilst Ronco says there is no actionable signal for the time being, he believes AUD is potentially close to a multi-year low (on the monthly chart). His level to buy with a long-term view is a breakout above 0.74.

See Chart.