FxWirePro: AUD/CAD pushes lower, Aussie knocked down across the board as Trade Balance fails to impress

• AUD/CAD trades 0.21% lower on the day at 0.9607 at the time of writing.
   
• Aussie fades spike and was knocked down across the board as details of Trade Balance report disappoint investors. Also, escalating US-China trade tensions likely hurting the AUD. 
   
• Australia June trade surplus bettered estimates, but details of the report showed imports declined by -1%, while exports contracted to 3%, leaving the Trade Balance figure lop-sided.
   
• AUD/CAD is trading in a sloping Wedge pattern and finds stiff resistance at 21-EMA.
   
• Minor recovery attempts lack traction and price action slides along downward sloping 5-DMA.
   
• Momentum studies are bearish. Stochs and RSI are sharply lower and RSI is well below 50 levels suggesting weakness. DMI and MACD also support weakness. 
   
• We see scope for test of Wedge base at 0.9545. Violation there could see major weakness.
   
• On the flipside, 21-EMA is major resistance. we see upside only on break above. 
   
• Australia's Retail Sales figures due Friday will be in focus for respite to bulls. 

Support levels - 0.9588 (May 16 low), 0.9554 (May 10 low), 0.9545 (trendline)

Resistance levels - 0.9641 (5-DMA), 0.9702 (21-EMA)

Recommendation: Stay short on upticks, SL: 0.9650, TP: 0.9545

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -61.2399 (Neutral), while Hourly CAD Spot Index was at 117.073 (Bullish) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.