AUD/USD appears to have got it from all sides today. Risk aversion continued throughout with Asian bourses posting mostly losses of between 1.5-3.0%. The pair previously supported by option protection at 0.9200 caved in the face on onslaught of selling interests. The key “risk” trade AUD/JPY after losing 2% on Friday continued to slide in Asia falling another +1%. The CFTC data on Friday showed extended long positions in an environment that no longer favours risk trades. Whilst it remains a difficult short due to the carry cost, players will not be concerned with that cost if we see a sharp move lower.