AUD/NZD has been increasing over the past year. It gained around 6,000 pips and approached the classic reversal zones of 2015-2018.
It broke the monthly high today, which opens the opportunity for limit orders.
So, from the current prices, traders could place sell 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!
