There are signs that declines for the currency pair may be slowing, though a continuing decline may depend more upon whether the markets ramp up their bets that the BOE will opt to cut rates in February.

Toni Hansen still expects to see the correction off lows continue into this coming week.

Mike Paulenoff looks at a comparison chart between the Energy Select SPDR ETF (XLE) and the Proshares UltraShort Oil & Gas ETF (DUG).

Mr. Market is clearly marching towards deflation – notably in the prices of houses and stocks. But the feds have a line on him. They’re pulling him in the opposite direction – inflating gold, oil and food prices. The combination of opposing ideas seems to rattle most observers. They can’t tell whether Mr. Market is coming or going.

Given the sharp drop seen in Ivey PMI, the December labor market readings could be quite disappointing and may lead traders to ramp up speculation that the Bank of Canada will cut rates on January 22.

The volume was strong in Wednesday's session and this will help a correction off lows, but sustaining rapid upside move intraday from one day into the next will be difficult.

Mike Paulenoff's pattern work is telling him that the QQQQ is very close to one of those sustainable recovery rally efforts.

The feds regard a Sushi Slump, a Japan-like recession, as the Greatest Of All Dangers. They want to avoid it in the worst possible way – by destroying the dollar .

Two major central bank decisions are scheduled to be released, and the results could have a large impact on the markets, particularly in FX.

The extended selling on Tuesday has changed Toni Hansen's bias a bit for the remainder of the week. The door is now open for some continued selling, and corrections off support are now likely to be more gradual.