Since I did the trade on Feb 25th, I did not see daylight, till late March when it peaked at 0.7897 and then came off again.
Another opportunity came on April 29th when it hit a high of 0.8063. You will recall our breakeven was 0.8097 and the premium paid was 97bps. At that time, I could just square off the trade and made a negligible loss, but I decided to hold on to the position after all, I still have another month to go. After making the decision to hold off, the AUDUSD started coming off and high a bottom of 0.7811 on May 1st.
An opportunity came on May 13th when the AUDUSD hit 0.8116, I decided to square off the option by selling it. I made a very small profit of 19bps.
In reality after doing the trade in Feb, the onslaught thereafter of negative economic data out of Australia dashed by hopes of it ever recovering. So, on balance, I am just happy to get out almost breakeven.
It peaked on May 14th at 0.8160 and thereafter, it was a landslide all the way down to the current 0.7689.
Phew!
The Panthenon Investment Group 