The EUR/AUD might be heading for a meaningful bullish correction, if not a bullish continuation. It is a bit early, but technical conditions are setting up. (EUR/AUD 4h chart, 4/7)The 4H chart shows a market that has broken into a new low, and we are seeing a pullback.The bearish run from March's high of 1.5530 is intact. 1) A break above a falling trendline will be the first violation of this bearish trend, and 2) a break above the 1.4980 high from last week would be a second sign. 3) If the RSI can break above 60, then the bearish momentum in the 4H chart is gone, and we can say the market has shifted to a sideways mode, if not bullish.The bullish outlook fro now is limited to 1.5150 (4H 200SMA), or at most the falling channel resistance shown in the 4H and daily charts. (EUR/AUD)On the daily charts, a return toward the channel resistance will also test the 200-100 daily SMAs, which should hold as resistance if a bearish market is developing. The daily chart also shows bullish divergence with the oscillators, another sign the market could be setting up for a bullish swing, even if it is within the newly developing falling channel.