AUD/NZD has been increasing since November 2021. It gained as much as 500 pips, and yesterday reached the top of last month.
This situation opens an opportunity for traders to place a grid of sell limits in the market.
So, starting from current prices and above, set up a grid of sell limits in an increment of 30-50 pips. Take profit on the breakdown of 1.07900, either at 1 pip above the first order or after a 100 pip rise.
This strategy is called grid trading, which is usually used on cross rates. It involves holding positions that are significant in time and distance. For this reason, we recommend using swap-free accounts, not increasing the volumes in the grid (0.01 standard lot for every $ 1000 of the deposit) and monitoring price movements.
Good luck and have a nice day!
