• AUD breaks 0.6538 trendline support for 0.6515 so far Thursday

• Alleged option barrier defence 0.6500 - break risks 31 May/2023 low 0.6459

• Was a frenzy to buy downside strike FX option protection Wednesday

• FX option implied volatility and downside strike premium at new recent highs

• Talk large unwinding of recent AUD longs by RM, model accounts and options

• Firmer US yields and weaker stocks fuelling the recent AUD/USD descent

• Focus is firmly on Fridays U.S. jobs data - FX volatility risk premiums high

• NFP beat can give a further boost to US yields and add more weight to stocks

• Forward looking options flag FX volatility danger spots nL1N39K0M0

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