The price of the Australian dollar, after some consolidation around the level 0.7150 showed a sharp fall, and broke through the next support level at 0.7080. As a result of the decline, the quotes have fallen to the bottom of the channel, but have not reached the support at 0.7000. Further fall is possible to the target levels at 0.6900 and 0.6800. Upward movement in the correction might continue to 0.7080 and the upper limit of the downward channel. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 0.7220.