Volumes picked up as the session wore on, overall trade still revolving around downside puts, positioning for hikes to continue into this fall.
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AUDUSD traded higher Monday, extending Friday’s rally to reinforce the current bullish condition. The pair has cleared 0.6893, Dec 13 high and this confirms a resumption of the uptrend that started Oct 13. The break higher maintains the bullish price sequence of higher highs and higher lows and moving average studies are in a bull mode position. Gains open 0.6976 next, a Fibonacci projection. Key support has been defined at 0.6688, Jan 3 low.
Session flow focused on downside puts in SOFR options, new and re-positioning as underlying futures continued to unwind post-NFP strength, vol offered. Notable large put condor roll 5.5 net cr: +28,953 SFRJ3 94.62/94.87/95.00/95.25 put condors, ref 95.075-.080 vs. -27,153 SFRH3 94.62/94.87/95.12/95.38 put condors, ref 95.105-.085. Vol seller: appr -20,000 Dec SOFR 95.62 straddles from 81.0-2.0 since Monday.