AUDTHB Holds Bullish BiasAUSTRALIAN DOLLAR / THAI BAHTFX_IDC:AUDTHBYES_GroupAUDTHB is expected to trade within a range with a slightly bullish bias. The VIX Index declined to 17.09, reflecting an improving Risk-On sentiment, which supports the Australian dollar. Meanwhile, Australia's latest economic data came in stronger than expected. Q2 Producer Price Index (PPI) rose 3.6% YoY and 1.3% QoQ, both above market expectations. In addition, June Private Sector Credit expanded 0.8%, exceeding the forecast of 0.6%, indicating resilient domestic economic activity and reinforcing expectations that the Reserve Bank of Australia (RBA) may maintain a relatively hawkish policy stance. However, China's economic data remained weak. The Manufacturing PMI came in at 49.2, Non-Manufacturing PMI at 49.0, and the Composite PMI at 49.3, all below the 50-point expansion threshold. The weaker Chinese outlook could limit further gains in the Australian dollar, as China remains Australia's largest trading partner. As a result, AUDTHB is likely to remain range-bound with a slightly bullish bias, supported by the current technical outlook. Technical Outlook The AUDTHB chart has started to shift into a Sideways-to-Bullish structure after rebounding from the Demand Zone and breaking above the short-term descending trendline. The formation of Higher Lows and Higher Highs suggests that buying momentum is gradually strengthening. However, the pair is approaching a key resistance area around 23.50, where profit-taking may emerge. A sustained break above this level could pave the way for further gains toward 23.54–23.58, representing the Bullish Scenario target. Risk Factors Although the technical outlook has improved, AUDTHB remains vulnerable to profit-taking if it fails to break above 23.50. In that case, the pair could retrace toward the 23.44 support level. A break below this support would increase the likelihood of further downside toward 23.40, the Bearish Scenario target. Additionally, the SET Index opened higher following gains in U.S. equity markets, while the decline in the VIX Index reflects a broader Risk-On environment. This could support the Thai baht and limit AUDTHB upside in the short term. Target Price: 23.54–23.58 (corrected from 32.58) Support: 23.44 Cut Loss: 23.43