Hey guys. Anyone ever build an gold offset using audusd? Should I just create an offsetting per tick position or does anyone have a better equivalent of the gold future (GC) vs audusd position? And no I can't trade one of those gold currency pairs Bc I'm in United States. Thanks in advance.
I was thinking 100k position in audusd is 10 per tick. And 1 contract of gold has a 10 Tick. Hence, .01 move in audusd would be 1000 and a 10$ move in GC would also be 1000. I'm just not sure if a .01 move in audusd would translate into a 10 move in GC.
I'm doing this because I'm trying to capitalize my buying power due to cheaper margin on currency rather than having to pay premium leverage for the aud future contract 6A. 100k audusd position would cost 2200 vs 1 contract of 6A would cost 3400, that's nearly a 1200 saving that I can use for something else.