The price of the Australian dollar has shown steady growth and reached the upper limit of the downward channel, and the important resistance level at 0.7200. In case of overcoming these levels, we expect a continuation of upside movement to 0.7260 and 0.7300. According to our estimates, the more likely it is the resumption of a negative price dynamics within the channel to target levels at 0.7080, 0.7000 and 0.6900. The probability of such a scenario is above average. We recommend to open short positions with a stop above 0.7300 and maintain the medium-term negative outlook.