We can see an inverse head and shoulder pattern formed. The interesting part, it is consolidating near right shoulder which is a good sign for a breakout after a build up.
Simple things aren't so Simple
I will go LONG on AUDUSD because:
The price is forming a Chanel or Rectangle Pattern .
The price is also under Support/Resistance zone.
It has touched the support (lower end of rectangle ) and may reach the resistance zone (upper end of rectangle ) .
Target would be the Resistance area . Book profit when it reaches the resistance zone .
Entry - 0.76966