SINGAPORE: New York May coffee may test a support at $1.7265 per lb, a break below which could open the way towards $1.6565.

The contract is falling within a channel, which points at a target zone of $1.6565-$1.7265.

A double-zigzag is developing within the channel, which consists of seven small waves.

The seventh wave, the wave c, is unfolding. It could at least travel to $1.7265.

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Resistance is at $1.8065, a break above which could lead to a gain into the $1.84-$1.8735 range.