SINGAPORE: New York July coffee looks neutral in a range of $1.8985-$1.9560 per lb, and an escape could suggest a direction.
A five-wave cycle from $1.6555 is believed to have completed.
A retracement analysis suggests a target zone of $1.8060-$1.8525.
The bounce triggered by support at $1.8985 may have completed around $1.9560.
NY coffee may fall into $1.9095-$1.9380 range
However, the target zone will not be available until support at $1.8985 is broken.
A break above $1.9560 could led to a gain into the $1.9915-$2.0490 range.
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