📊 FX Option Landscape — September 18, 2025 (latest NY cut update)

📊 FX Option Landscape — September 18, 2025 (latest NY cut update)

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🇪🇺 EUR/USD (EUR notional)

• 1.1670: €2.2bn

• 1.1700: €3.8bn 🚨 Largest

• 1.1800: €3.2bn

• 1.1850: €942m

• 1.1900: €3.2bn

📌 Focus:

• 1.1700 (€3.8bn) is the largest cluster today.

• Heavy topside barriers at 1.1800 & 1.1900 (both €3.2bn) form a powerful resistance zone.

• Market structure: 1.1670–1.1700 = downside magnet, 1.1800–1.1900 = upside wall.

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🇺🇸 USD/JPY (USD notional)

• 144.00: $1.2bn

• 146.00: $1.3bn ✅

• 148.00: $590m

• 150.00: $561m

📌 Focus:

• 146.00 ($1.3bn) is the dominant strike, acting as the key pivot.

• Above, 148–150 has only mid-sized clusters → suggesting a tight 146–150 convergence zone.

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🇦🇺 AUD/USD (AUD notional)

• 0.6600: A$1.3bn ✅

• 0.6650: A$775m

• 0.6660: A$867m

📌 Focus:

• Strong concentration at 0.6600 (A$1.3bn).

• Additional layering at 0.6650–0.6660 reinforces a thick resistance band in the low-0.66s.

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🇨🇦 USD/CAD (USD notional)

• 1.3950: $625m

📌 Focus:

• Mid-sized standalone strike.

• Reinforces 1.3950 as a psychological pivot.

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🇳🇿 NZD/USD (NZD notional)

• 0.5930: NZ$547m

• 0.5935: NZ$788m ✅

📌 Focus:

• Roughly NZ$1.3bn concentrated within just 5 pips (0.5930–0.5935).

• Creates an extremely tight magnet zone → very strong convergence pressure into NY cut.

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🇪🇺/🇬🇧 EUR/GBP (EUR notional)

• 0.8745: €645m

📌 Focus:

• Standalone mid-sized strike; short-term pivot level.

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👉 Key Takeaway:

• EUR/USD: 1.1700 is the day’s biggest option gravity point, while 1.1800–1.1900 forms a strong resistance ceiling.

• USD/JPY: 146.00 is the pivotal strike; expect compression inside 146–150.

• NZD/USD: The 0.5930–0.5935 band is hyper-concentrated, making it a high-volatility magnet for short-term traders.