The Brazilian real (BRL) closed October at 0.17407, down another 0.00415 for the month. This was just off the monthly low of 0.17218 as the BRL continues to slowly grind its way toward the major low of 0.16756 posted during May 2020. Meanwhile, monthly stochastics remain well below the oversold level of 20%, though this hasn’t sparked much buying interest in the currency since this past May when a bullish spike reversal was established. With that in mind, this selloff still looks like it could be Wave 2 of a 5-wave uptrend, though for this to be the case the BRL needs to hold above the May low.