FxWirePro: GBP/AUD uptrend remains intact; add delta diagonal call ratio back spreads
Technical & Currency Option Insights:GBP/AUD touched psychological highs of 2.0548, the highest since 2009 and was last at 2.0105 little changed from earlier.The pair has been moving the channel line range of 1.7316- 2.0…
Technical & Currency Option Insights: GBP/AUD touched psychological highs of 2.0548, the highest since 2009 and was last at 2.0105 little changed from earlier.
The pair has been moving the channel line range of 1.7316- 2.0861with comfortable volume confirmation.
RSI is still signaling upward momentum as the rising prices are in convergence with averaged line.
Slow stochastic indicates short term overbought pressure.
As a result on long term hedging perspective, we recommend buying 2 lots of OTM calls of GBP/AUD with longer maturity and simultaneously write an ITM call with shorter maturity.
Long on 6M (1%) Out-Of-The-Money (strike at 2.0512) delta call + Long on 6M (1.25%) Deep Out-Of-The-Money (strike at 2.0557) delta call + Short 1M (-1%) In-The-Money (strike at 2.0100) call with positive Theta value.
A combined 0.40 delta and slightly negative theta also on this strategy is acceptable as we have 2:1 in our position.
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