Now is a good time to open long positions because the AUD/NZD pair went into a correction, following the sharp decline observed over the past 3 months.
This means that after a pullback below 1.05900, traders could place a grid of buy limits in increments of 500 pips. Exit the market upon the test of 1.08.
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 that reason, it is recommended to use 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! Don't forget to control the risks.