Published: 22nd May 2026 Background EUR/NOK was identified in last week’s market report as a structural short opportunity. Norwegian krone strength underpinned by energy exposure and Norges Bank hawkishness, set against euro weakness driven by Eurozone underperformance and oil price sensitivity. The technical picture has now confirmed the setup. The Technical Case The daily chart shows a completed five-wave impulse to the downside followed by a three-wave corrective pullback.

Macro Regime: Risk-On The Big Picture Evidence for a risk-on sentiment has developed. VIX futures have been in decline over the last four to five weeks, whilst US equities and emerging markets have been trending up. This indicates genuine risk appetite, although it must be said that this is predominantly being driven by tech stocks, with the Nasdaq leading the broader market by a meaningful margin. The commodity complex tells the same story. Silver, copper and platinum are al

Breakdown of key markets to focus on in the current risk-off sentiment..

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AUDJPY is showing promising strength across both the daily and weekly charts. Price remains in a clear upward trend trajectory, with the pair now threatening to break through recent highs which suggests a potential continuation of the larger bullish cycle.

The GBPCAD pair continues to move higher, but a closer look reveals that this rally may be more corrective than impulsive. GBPCAD Daily...

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Trend GBPUSD Uptrend / Elliot Wave Count The GBPUSD is in a current uptrend which is confirmed by several trendlines all hitting 2...