AUD/NZD has gone through small rollbacks over the past year. At most, they are around 9,000 pips. Currently, it is putting pressure on the yearly high at 1.11600, which is a good reason for limit orders.
So, after the breakdown of 1.11600, traders should place buy limits, with an increment of 500 pips. Take profit on a breakout, either at 1 pip above the first order or after a 1,000 pip movement.
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 $1,000 of the deposit), and monitoring price movements.
Good luck and have a nice day!
