Original T101 pairs are:
1. GBPUSD
2. EURGBP
3. GBPCHF
4. CHFJPY
5. AUDJPY
6. EURJPY
7. USDCHF
1. CADJPY
2. AUDUSD
3. USDJPY
4. EURUSD
5. EURCHF
6. GBPJPY
7. USDCAD
Universal pairs:
1. AUDUSD
2. NZDJPY
3. GBPCHF
4. EURUSD
5. EURCHF
6. CHFJPY
7. USDJPY
1. USDCHF
2. EURGBP
3. NZDUSD
4. GBPUSD
5. EURJPY
6. AUDJPY
7. GBPJPY
Let's look at universal pairs.
First 7th pairs,
Sell: 1 AUD, 1 NZD, 1 GBP, 2 EUR, 1 CHF, 1 USD
Buy: 2 USD, 3 JPY, 2 CHF
Hence,
Sell: 1 AUD, 1 NZD, 1 GBP, 2 EUR
Buy: 1 USD, 3 JPY, 1 CHF
Next 7th pairs,
Buy: 1 USD, 2 EUR, 1 NZD, 2 GBP, 1 AUD
Sell: 1 CHF, 1 GBP, 2 USD, 3 JPY
Hence,
Buy: 2 EUR, 1 NZD, 1 GBP, 1 AUD
Sell: 1 CHF, 1 USD, 3 JPY
All 14 pairs will creates natural hedge (excluding spreads).
