The AUDUSD has burst higher on the daily chart after forming a base and double bottom. Before this move higher price had been in an overall longer term down trend and had then moved into consolidation. Quite often when price reverses a trend it does not just reverse straight away and move. Price will often consolidate and make a few attempts before then turning in the opposite direction.
We can see on the daily chart of this pair price has made a double bottom. Price made the first attempt at the low before price then had one final attempt and again moving back lower. Price is now moving higher to test the next resistance level which comes in around 0.9215. The last time price was at this level it fired off a bearish engulfing bar and price smashed back lower. It would not surprise to see this level to continue acting as the high of the range and for price to go on ranging and consolidating before and possible move either way.
AUDUSD DAILY CHART
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nice move from those double bottom lows..