AUD/USD Market Analysis

Published: June 03, 2026

Key Points

• AUD/USD shows a bullish structure on the 0.0015-brick Renko chart, with prices above key moving averages.
• Broad strength in the Australian dollar (AUD) is observed against major currencies, particularly against the Japanese yen (JPY).
• Recent Australian economic data reveals mixed results, with building approvals and company profits falling short of expectations.

Aussie Strength Broadens

During the trading session, the Australian dollar has shown strength across various currency pairs. The AUD/USD is up by 0.16%, while AUD/EUR, AUD/GBP, and AUD/JPY have also recorded slight increases. The momentum suggests a potential for further gains in the AUD against major currencies.

Building Permits Miss Forecast

Australian building permits fell by 3.4%, significantly missing the forecast of a 1.5% decline. This decline is an improvement from the previous reading of -10.5%, but still indicates weakness in household momentum.

Company Profits Slip

Company profits in Australia decreased by 1.3% quarter-over-quarter, contrary to the expected increase of 0.5%. The mining sector experienced a notable decline of 9.1%, while non-mining profits showed a modest increase of 3.7%, indicating that the downturn was not widespread.

AUD/JPY Carry Trade Carries On

The AUD/JPY pair is trending higher, with Renko bricks testing previous resistance levels. The pair is positioned above key moving averages, and momentum indicators such as the RSI are showing positive signs. This upward movement in AUD/JPY is expected to influence the AUD/USD pair positively.

AUD/USD Renko Illustrates Demand Is Present

The AUD/USD pair is regaining its upward trend, with Renko bricks positioned above the 21-EMA and 50-SMA. The Supertrend indicator remains bullish, and the RSI is above 50, suggesting that demand for AUD is strengthening.

The Verdict

Current Trend Direction: Bullish

Bias: Positive

Support Levels: 0.6833, 0.71015, 0.70720

Resistance Levels: 0.72715, 0.74070

The path to the resistance level of 0.72715 may be bumpy, but there is optimism that once this level is surpassed, the AUD/USD could target 0.74070.

Author

Written by Cedric Thompson, an investment strategist with expertise in asset management and multi-asset investing.