ewzoiloil in black, EWZ in green

Notice EWZ continued falling into late september while oil rallied in August,

now oil retests the low, but EWZ is holding a base range.

looks very encouraging.

it means two things,

  1. the impact of Brazil bellweather, PBR ( petrobras) is becoming irrelevant as it falls
  2. Brazil central banker is on the ball, defending the currency.