The price of the Australian dollar rebounded from the support level at 0.7400 and reached the upper limit of the downward channel. In case of its breaking, quotes will continue to rise to the level of 0.7500. Fixing above this mark will be the basis for the continuation of the upward price movement to the target levels at 0.7700 and 0.7800. A breaking and consolidation below 0.7400 will be the signal for the further price decline within the descending channel to the target levels at 0.7200 and 0.7000. Our medium-term outlook remains negative and we recommend holding short positions.