Underpinned all day but sellers trying to cap 14 March
Large option interest from 0.7800 has helped underpin the pair since Asian trading and we've taken out previous strong lines at 0.7900 to post 0.7917
My guess ,based on previous interest at 0.7900 and price action, is that the 0.7900 interest is not to the buy side though and we're currently seeing a retracement back through 0.7900 as the option clock ticks down to expiry at the top of the hour.
The interest at 0.7880 might be the target now but I would think a stronger defence would have been made on the way up if biased on the sell side. Always two-sides to an option contract though. Either way AUDUSD longs would be wise to take some money off the table if you haven't already done so.
Remember these are vanilla options and in play right up until expiry even if breached in the meantime unlike barrier options which cease to be once broken.
For more info on how to use this all data, please refer to my post here.
