AUD/USD has been bearish for most of April after the month's the year's high at 0.9460. This has been the most significant bearish correction in 2014. (audusd 4h chart, 5/4)Some observations:1) You can see that price held below a falling channel in the 4H chart.2) Price cracked 0.9200, but ended the week to show there is support here.3) The 4H RSI has been held below 60.4) 0.9300-0.9315 is a key pivot area.Bullish scenario:A break above 0.9320 should clear the resistance factors, and therefore would suggest bullish continuation. In this scenario, the 0.9375-0.9390 will be the first resistance pivot before traders can be more confident of AUD/USD retesting the 0.9460 high.Bearish scenario:A break below 0.9200 however might clear below a rising trendline that comes up from the 0.8655, January and 2014 low. This would first open up the 0.91-0.9115 area, which was a previous resistance that might turn into support. Below that the 0.9050-0.9060 would be a key area for AUD/USD because it would be in the middle of 2014's price range for the pair.At this point, I would prefer to trade the bullish scenario, and be cautious trading any bearish market unless it has broken below 0.9200 and offers a decent pullback to fade for a very short-term bearish outlook.