As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
Relative to other instruments in the forex asset class, audusd ranked 5th the previous day in terms of percentage price change.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
This move is a reversal from the hour prior, which saw price move up.