New Document

Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is BLACK.

Lens Flare

Now apply Filter>Render>Lens Flare and use these settings:

Wave Effect

Apply Filter>Distort>Wave and use these settings aswell:

Hue/Saturation Settings

Apply these Hue/Saturation Settings:

Duplicate the layer and set Screen as the blending mode for the duplicated layer:

Transform

Edit>Transform>Rotate 90 CW. Now your done, very easy yet nice abstract texture.