The BRICS are apparently set to extend an invitation to Saudi Arabia and Egypt to join the bloc

According to Bloomberg, Saudi Arabia and Egypt will be formally invited to join the BRICS, with the possibility of Saudi Arabia joining, hinting at potential changes in the spheres of influence in the middle east. Boeing (#BA) is apparently investigating another 737 MAX quality issue, which could potentially lead to longer delivery times, which in turn could weigh on the stock. NVIDIA (#NVIDIA) announces a $25 billion stock buyback scheme, indicative of the continued AI hype train. Furthermore, the company reported a 101% increase since last year, in addition to earnings per share increasing by 429% since last year. The US Preliminary PMI figures, come in lower-than-expected indicative of a continued contraction in manufacturing activity. The UK PMI figures come in lower than expected, which may be worrying for the UK economy in the long run. Australian LNG companies according to Reuters have reached a deal to avert a strike.

EUR/USD appears to be moving in an upwards fashion, having broken above resistance now turned support at the 1.0838 (S1) support base. We tend to maintain a bullish outlook for the pair despite the RSI indicator below our 4-Hour chart which currently registers a figure near 50, implying a neutral market sentiment. For our bullish outlook to continue, we would like to see a clear break above the 1.0927 (R1) resistance level with the next possible target for the bulls being the 1.1040 (R2) resistance ceiling. On the other hand, for a bearish outlook we would like to see a clear break below the 1.0838 (S1) support level, with the next possible target for the bears being the 1.0740 (S2) support base. Lastly for a neutral outlook, we would like to see the pair remaining between the 1.0838 (S1) support and 1.0927 (R1) resistance levels.

Wheat appears to be continuing its ascent, having formed an upwards moving trendline which was incepted on the 17  of August. We maintain a bullish outlook for the commodity and supporting our case is RSI indicator below our 4-Hour chart which currently registers a figure above 50, implying a bullish market sentiment. For our bullish outlook to continue, we would like to see a clear break above the 630 (R1) resistance level, with the next possible target for the bulls being the 662 (R2) resistance ceiling. On the other hand, for a bearish outlook, we would like to see a clear break below the 605 (S1) if not also a clear break below the 575 (S2) support levels with the next possible target for the bears being the 530 (S3) support base.

دیگر نکات مهم امروز:

In today’s European session, we note France’s business climate manufacturing figure for August, the UK’S CBI distributive trades figure for August. Later on in the American session, we highlight the US durable goods rate for July and the US weekly initial jobless claims figure. In tomorrow’s Asian session, we note Japan’s Tokyo CPI rates for August. On a monetary level, we highlight Turkey’s interest rate decision today.

#EUR/USD H4 Chart

Support: 1.0838 (S1), 1.0740 (S2), 1.0640 (S3)

Resistance: 1.0927 (R1), 1.1040 (R2), 1.1140 (R3)

#Wheat H4 Chart

Support: 605 (S1), 575 (S2), 530 (S3)

Resistance: 630 (R1), 662 (R2) 704 (R3)

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