The price of the Australian dollar after the sharp correction in the previous days had reached the angled line of support and a strong level at 0.7200, and then rebounded upwards and currently is at around the level of 0.7260. In the near future upward trend is likely to continue to the target levels at around 0.7400. On the other hand, the breaking of a sloping line of support at 0.7200, would be a strong signal to sell with the targets at 0.7000 and 0.6900. Rising volatility is forecasted tomorrow after the release of statistics on the labor market in the country. Our medium-term outlook for the Australian dollar remains negative.