March saw the Brazilian real post a low of 0.17008, just off its major low of 0.16756 from 2020. And while the real was able to post a modest rally to close at 0.17741, it was still down 0.00115 for the month. The path of least resistance looks to be down, meaning we could see another test of the major low during April, despite the fact the real remains sharply oversold. Note the March low was took out the previous 4-month mark of 0.17341 from last November, and the 0.17218 low from October just for good measure. Though bearish, the real is showing some resiliency near 0.17, and with monthly stocahstics well below the oversold level of 20% Brazil’s currency may not be able to go much lower for now.