The U.S. dollar index (DXY) 澳洲幸运5官方开奖结果体彩网:hit a three-year low Monday amid investor concerns about tariffs, the economic outlook and possible threats to Federal Reserve independenಌce.

President Trump on Monday 澳洲幸运5官方开奖结果体彩网:ramped up his criticisms of Fed Chair Jerome Powell and demanded that the central bank cut rates immediately. The latest comments came after 澳洲幸运5官方开奖结果体彩网:Trump last week said Powell's "termination cannot come fast enough," while 🉐White House economic advisor Keven Hassett said the president is evaluating ways to possibly dismiss Powell.

Investors fear that a move by Trump to remove Powell before the end of the Fed chief's term in May 2026 could 澳洲幸运5官方开奖结果体彩网:under🌼mine confidence in the U.S. dollar ℱand the country’s dominant role in global ♑financial markets.

The U.S. dollar index, which measures the performance of the greenback against a basket of foreign currencies, has declined about 5% since early April an🐟d slumped around 9% since the start of the year amid uncertainty surrounding the Trump administration’s trade policies. The index was at 98.32 late Monday, trading at its lowest levels since March 2022.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on the U.S. dollar index 澳洲幸运5官方开奖结果体彩网:weekly chart and identify crucial levels worth watching out for amid the potential for further news-driven 澳洲幸运5官方开奖结果体彩网:volatility.

Bull Trap Confirms

After breaking out from a 澳洲幸运5官方开奖结果体彩网:descending triangle last October, the U.S. dollar index rallied for several months but ran into selling pressure as it approached its 2022 high. Since that time, the index has trended sharply lower, recently falling below the pattern’s lower trendline to confirm a 澳洲幸运5官方开奖结果体彩网:bull trap, a trading event that lures investors into buying before the market makes a sudden reversal to cause losses.

However, while the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bearish momentum, the indicator has moved into oversold territory, increasing the lik𓆉elihood of near🦩-term bounces.

Let’s identify crucial 澳洲幸运5官方开奖结果体彩网:support and resistance levels on the U.S. dollar index 🐓chart that investors may be monitoring.

Crucial Support Levels to Watch

The first lower level to watch sits around 95. The index could attract buying interest in this area near a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on thꦯe chart bet🌠ween October 2017 and January 2022.

A more significant move lower could see the index revisit lower support at 90. Investors may seek 澳洲幸运5官方开奖结果体彩网:entry points in this location near two prominent 澳洲幸运5官方开奖结果体彩网:swing lows that developed on th💦e chart in the first half of 2021ꦑ, preceding a 15-month bull run.

This area also sits in the neighborhood of a projected measured move downside target that calculates the distance of the dꦇescending triangle near its widest point and deducts that amount from the pattern's lower trendline.

Key Resistance Levels to Monitor

During upswings, it’s ꧟worth closely moni♔toring the key 101 level. Countertrend rallies to this area would likely face selling pressure near the descending triangle’s lower trendline, which may flip from a region of prior support into future resistance.

Further upside could spark a move to around 107. Tactical traders who have accumulated positions in the U.S. dollar index at lower levels may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits here near the notable October 2023 澳洲幸运5官方开奖结果体彩网:swing high, which also closely aligns with a minor peak that formed on the chart last 𓄧Novemb෴er.

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