Currency Option basket: Bear Put Spread (EUR/AUD)
Bear Put Spread with 0.5 delta = ATM Protective Put (1.4527) + Sell another Put with lower Strike Price (Out of the Money = 1.4490) for 100,000 units of exposure.
This position shall be used over naked puts if you reckon the premiums on ATM puts are too costlier.
The advocated strategy offers a partial hedging option which only minimizes the loss if the EUR depreciates but does not cap the loss.
Currently, BPS likely to reduce the cost of hedge as the premium collected on the Out of the money Put lends money for long put position but it comes at the expense of Partial hedge rather than a complete hedge.