AUD/USD has turned bearish after rallying to 0.79 in February. The 4H chart shows the market holding under the 200-period SMA and eventually falling back below the 100-, and 50-period SMAs was well. The RSI has tagged 30 last week, showing revival of the bearish momentum. (It lost the bearish momentum in February when the RSI pushed above 60).AUD/USD 4H Chart 3/9(click to enlarge) Now, as we start the week, AUD/USD is holding above last week's low of 0.7684. This was where a projected channel support challenged the decline .Now, if this rally extends towards 0.78, get ready for sellers. The 0.78-0.7825 area involves the cluster of the 200-, 100-, and 50-period SMAs as well as the falling channel resistance. We should at least expect a dip back towards the 0.7750 area if not further in continuation of the prevailing downtrend in 2014. A break above 0.7850 however, will suggest resumption of consolidation, and possible further bullish correction above 0.79, epsecially if the RSI also pushes above 70 in the 4H chart.