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AUD/USD technically constructive - BBH

The Australian dollar's technical condition is modestly constructive.  

Key Quotes:

"The MACDs are turning higher. The Slow Stochastics have already turned up, and in any event, did not confirm the recent new lows in the Aussie, leaving a bullish divergence in its wake.  Speculative positioning in the futures market has adjusted in recent weeks."

"The gross long speculative position has been trimmed by nearly 30% since the end of September., while the gross short speculative position has increased by nearly 50% since the middle of October. "

This resulted in a decline in the net long speculative position from 77.2k contracts at the end of September to just below 40k contracts as of November 21, the most recent data.  The net position is within a few hundred contracts of this year's average."   

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