ridethepig
Long

BRLMXN has plenty of upside...

FX_IDC:BRLMXN   BRAZILIAN REAL / MEXICAN PESO
Here we have a very wide ABC in play with the C leg finishing at 7.25 - 7.28.

From a technical perspective, the market has presented a flawless 5 wave impulsive move with a three wave retracement. Those who are betting on the upside will be coming in here at the 38.2% level at 5.09; and we can expect a continuation.

There is scope here for as high as 7.25-7.28... here actively working a lot on the buy side in Brazil.

Best of luck, hope this helps and lets see how it goes.
Comment: Nice moves kickstarting here
Nice. I just read one opinion in article "where to invest 1mln dollar". That person said Brazil is good choice since they new elected government. You could find that article on Blomberg.
+1 Reply
ridethepig ridethepig
@ridethepig, Populism has spawned everywhere, another classic far right government.
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