📊 FX Option Landscape — September 18, 2025 (latest NY cut update)
🇪🇺 EUR/USD (EUR notional)
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1.1670: €2.2bn
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1.1700: €3.8bn 🚨 Largest
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1.1800: €3.2bn
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1.1850: €942m
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1.1900: €3.2bn
📌 Focus:
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1.1700 (€3.8bn) is the largest cluster today.
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Heavy topside barriers at 1.1800 & 1.1900 (both €3.2bn) form a powerful resistance zone.
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Market structure: 1.1670–1.1700 = downside magnet, 1.1800–1.1900 = upside wall.
🇺🇸 USD/JPY (USD notional)
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144.00: $1.2bn
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146.00: $1.3bn ✅
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148.00: $590m
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150.00: $561m
📌 Focus:
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146.00 ($1.3bn) is the dominant strike, acting as the key pivot.
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Above, 148–150 has only mid-sized clusters → suggesting a tight 146–150 convergence zone.
🇦🇺 AUD/USD (AUD notional)
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0.6600: A$1.3bn ✅
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0.6650: A$775m
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0.6660: A$867m
📌 Focus:
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Strong concentration at 0.6600 (A$1.3bn).
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Additional layering at 0.6650–0.6660 reinforces a thick resistance band in the low-0.66s.
🇨🇦 USD/CAD (USD notional)
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1.3950: $625m
📌 Focus:
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Mid-sized standalone strike.
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Reinforces 1.3950 as a psychological pivot.
🇳🇿 NZD/USD (NZD notional)
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0.5930: NZ$547m
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0.5935: NZ$788m ✅
📌 Focus:
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Roughly NZ$1.3bn concentrated within just 5 pips (0.5930–0.5935).
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Creates an extremely tight magnet zone → very strong convergence pressure into NY cut.
🇪🇺/🇬🇧 EUR/GBP (EUR notional)
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0.8745: €645m
📌 Focus:
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Standalone mid-sized strike; short-term pivot level.
👉 Key Takeaway:
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EUR/USD: 1.1700 is the day’s biggest option gravity point, while 1.1800–1.1900 forms a strong resistance ceiling.
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USD/JPY: 146.00 is the pivotal strike; expect compression inside 146–150.
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NZD/USD: The 0.5930–0.5935 band is hyper-concentrated, making it a high-volatility magnet for short-term traders.
